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MORNING MOTIVATION! Wake up determined, go to bed satisfied! Your morning determines your day! One of the BEST MORNING MOTIVATIONAL VIDEOS!!"Wake up every day and tell yourself "Today is my day!""Speakers:Les Brown: https://lesbrown.com/Marcus "Elevation" Taylor: http://bit.ly/38FUFoSNathan Harmon: http://bit.ly/2WGRbS7Coach Pain: http://bit.ly/2LmRyeaBrian Bullock: https://bit.ly/30oejoWSimon Sinek: https://simonsinek.com/Dr. Jessica Houston: https://bit.ly/2PXZqTVEric Thomas: https://www.youtube.com/user/etthehiphoppreacherWilliam Hollis: http://bit.ly/WillHollisYouTubeWalter Bond: http://bit.ly/WalterBondMotivationGary Vaynerchuk: https://www.youtube.com/garyveeDavid Goggins: https://www.instagram.com/davidgoggins/Music:Really Slow Motion: http://bit.ly/1r3lPvNSecession Studios: https://www.youtube.com/channel/UCwd8uu2mtJUgHYRffUl2yPQTwelve Titans: https://www.twelvetitansmusic.com/▶Subscribe for New Motivational Videos Every Week:http://bit.ly/MotivationVids▶DOWNLOAD our Top 100 Quotes of All Time:https://bit.ly/topquotesfreepdf▶JOIN our Newsletter for Exclusive Updates, Discounts, and Deals: https://bit.ly/Motiversitynewsletter▶READ our Weekly Blog -https://bit.ly/motiversityblog▶SHOP Official Motivational Canvases and Apparel -https://bit.ly/motiversityshop▶BECOME A MEMBER of our loyal community!https://bit.ly/motiversitymembers Hosted on Acast. See acast.com/privacy for more information.

Eric Hansotia, Chief Executive Officer at AGCO, discusses growth, technology and sustainability in the agriculture industry. theSkimm Co-Founder Danielle Weisberg talks about their Show Us Your Child Care initiative. Bloomberg News Chief Correspondent for Global Macro Markets Liz McCormick and Bloomberg News Cross Asset Reporter Denitsa Tsekova provide the details of their Businessweek Magazine story Hedge Funds Turbocharge Volatility in Cratering US Bond Market. And we Drive to the Close with Amanda Agati, Chief Investment Officer at PNC Asset Management Group.Hosts: Carol Massar and Mike Regan. Producer: Paul Brennan.     FULL TRANSCRIPT:     This is Bloomberg Business. Wait inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news. The Bloomberg Business Week Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. Well shares at Adco. Check it out, everybody, They're up our third day, They're at more than six percent in that time. Company reported earnings yesterday morning, of which third quarter just at EPs was a big beat. Third quarter net sales in line with expectations, and the maker of tractors and combines also said it still sees fiscal year net sales of about fourteen point seven billion, slightly above street estimates, with fiscal year just ADPs of about fifteen dollars seventy five cents a share. That's fifty cents above the company's earlier forecasts. Three analysts nonetheless cutting their price targets on the company by an average of three and a half percent since it reported yesterday. So let's get to it. We have a great guest. We have the CEO, Chairman, President and CEO at ADCO, Eric Hansotea. Excuse me, Eric Hensotia, He's on zoom from Duluth, Georgia, and he joins, us, forgive me, forgive me. I'm trying to race to get to you. So I apologize. Eric. Oh you good, no problem, Really great to have you here with us. First of all, how are you? And I do have to ask you about the FED? In an environment where the FED says, you know, we could still continue raising rates, we're still worried about inflation. Does that kind of mesh with the outlook that you see? Well, your first question was how am I doing great? Just couldn't be happier with the progress that our company is having relative to our strategy. We're going to have two billion more in sales this year, We're going to grow margins significantly relative to the and it's all in line with our high tech focus on being the industry leader and smart farming machines relatively to the FED. You know, interest rates do weigh on farmers' minds. These are big as they carry a lot of technology. They're expensive machines, many times half a million to a million dollars, and so they often finance those machines, and higher interest rates are part of the part of the decision. I'm expecting that we're you know, at a high plateau and that we're more likely over the coming year to have red rates go down then up, and that would be welcomed by our customers, you know, Eric, I'm looking at the revenue growth of ag CO over the years and really some impressive growth there. Twenty twenty one is up, twenty two, twenty twenty two up fourteen percent, sixteen percent. This year, it does, at least according to analyst estimates, look like you might be in for a dip in revenue last year. And I'm wondering what's the what's driving that? Is that entirely an interest rate story or is there is there something else going on? It's actually very little related to interest rates. Agriculture often is not connected, not correlated highly with the regular GDP growth. It's more tied to the agricultural agricultural economy. So the price of corn, wheat, soybeans, and that's a function of how much green there is in the world. For the last two or three years, there's been green shortages and so green prices have been high. That means more profit for our farmers. Now they've had a great year this year in terms of harvest and so there's a little bit more stock prices have come down a bit, and that's really more what drives farmer profitability and then turn their interest to purchase equipment. Hey, Eric, what I wonder is longer term how you guys think about the business, how you plan, because I wonder if things like weather, climate change, demographics globally, is that more significant in terms of how you think about the growth longer term? And if so, what does that maybe indicate to you. Yeah, that's a great point, Carol. So we see three macro tailwinds plus this weather factor. So let me touch those real quickly. Number One, we're moving from eight billion people to ten billion people between now and twenty fifty. Number two, emerging economies are adding more meat to their diet as they do that. That's a multiplier on the demand for green chicken is a two to one multiplier, beef is a ten to one multiplier. And then third is renewable fuels, so ethanol in the United States. But now the next one is renewable diesel. Ethanol consumes forty percent of the corn crop today. Renewable diesel is likely going to grow to that same kind of proportion over the next few years. Those are all macro tailwinds that cause the farmer to have higher yields and more pressure on higher yields. And then weather is another one. We're having more severe droughts and more severe floods every year that reduces the overall global global ability to produce cream. So you add those four factors together and the farmers are pushed to have higher yields while using less inputs, less fertilizer, pesticide, chemicals and things like that, and so there's a big squeeze for productivity. Using our technology, we're using artificial intelligence on our now to be able to use vision systems so identify the difference between a weed and a plant as a machine's going through the field and spray only the weed, saving like seventy percent of the chemical and a lot of automation of features throughout all of our products. Can you say, I'm assuming you've been using AI for a long time though, right, Yes, we have. Across many of our machines. We use AI to understand the variation in soil or crop and have the machine learn over time to be able to optimize itself real time in the field. It's amazing because when you think of AI. The last thing I think most people think of is farm labor. Do you think of machines though, I think a machine. Well, Eric made a great point and I wanted to ask about this. Is right at the beginning, you said that technology aspect of your business is so important, and again, if you're not really familiar with ACO, you might not think about that. But one thing I wanted to ask about, Eric, and full disclosure, I'm not an expert on tractors. In fact, I hire a kid to cut my own grass, so I'm really I've driven a tract, this big one. There we go. So I'm coming at this from a pure ignorance state of mind. But I would think that self driving technology would be easier to implement on the farm with a tractor. But from my understanding is it's not really I wonder if you could talk to us a little about where you are with that type of technology. You know what we see it anytime soon? Or is it just, for whatever reason, too complicated to have self driving tractors. It's a great topic. It's at the heart of our strategy is putting technology on machines to have the machine be smarter and be able to do more things for the customer. I talked about the sprayer. We're automating all our functions on all of our machines. We've increased our engineering spend by sixty percent over the last three or four years since we started a strategy. We've bought six tech companies. We just announced the biggest AGG tech deal in history with Trimble agg where is over a two billion dollar deal to bring those to their technology and our technology together. So technology is a big deal. Now let's talk about the autonomy question. Already, guidance, which Trimble is is one of the world leaders in is used by farmers once they get into the field. They get into the field and they already turn on auto steer, which is a satellite driven guidance, tip the steering wheel out of the way and the machine steers for itself. Now it's still supervised today, but most large AGG has is the machine is doing the steering for itself. We've committed when we were in Wall Street last week last year, we committed that by the end of the decades, so twenty thirty, we would have the full crop cycle, meaning planting, spring, tractors, harvesting, all autonomous with no driver in them, and by twenty twenty five we'd have a retrofit kit that would be able to be put on an existing machine to make it autonomous. So it's a more contained environment. There's not so much other traffic and other things in the way, and you can stop. You don't have a lot of other traffic around, so you can if there's runs into a situation hasn't seen before, the machine will just failsafe mode is stop and then you can remotely view into it and restart it. It's like about right, there's lots of move there's a lot of space around you. Autopilots work really really well. Hey, in twenty twenty four, what do we expect for your company? Do you see higher prices due to inflation continuing And just got about forty seconds. Yeah, yeah, prices are going to moderate. You know, these last couple of years, we put a lot of pricing into the market, more than our a little bit more than our cost. We expect to still put more than our cost into the market because of all this technology we're bringing in the value it generates. But inflation is coming down pretty significantly for us, and so we think it'll be much more normalized. You know, we haven't given guidance, but it'll be more in the mid to low single digits than where we've been before. Any any kind of peak ten seconds in terms of the ag machinery market, do you see any kind of peeking out just very quickly. Well, we've still got strong demand going into next year. Our order boards are out six or seven months on large egg. We're sold out for our seasonal products. We're all through Mighty Year twenty four, so we still see twenty four as a good year, although getting more normalized. All right, love it, listen, come back soon, so appreciate it. Eric Hansodia He is chairman, president CEO at AGCO on zoom from Duluth, Georgia, So appreciate your time. On this Wednesday, you're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Eastern Listen on Bloomberg dot com, the iHeartRadio app and the Bloomberg Business app, or watch us live on YouTube. All right, we're going to switch gears a little bit off of earnings. Talk about the skim. It's a non partisan digital media company catering to women. It's a subscription newsletter company to offer up things like the daily Skim Skim Money. There's also a podcast and a lot more in terms of what they do the privately held company. Their investors include GV which was formerly Google Ventures. Also Disney. We just heard Denise talk about Disney when it comes to the Hulu ownership. Ventures is another investor in the company. We talked with both of the founders back in March, and great to have back with us this time around. The Skim co founder Danielle Weisberg. She's on Zoom in New York City. Danielle, how are you. I'm good, Thanks so much for having me here today. Before we get into some specifics, I always like to talk perspective. You guys have been around for more than a decade. It's been a few months, about six months or so since we last talked. Talk to us about, you know, how business is doing this year, and just talk to us about how you see the environment right now. Yeah, So you know, listen, you guys are in this day in and day out in terms of public companies, and I think that when it comes to this environment, we know ADS spending has been really up and down. It's been tenuous. I think that when those budgets flex, the biggest thing that you can rely on is a direct relationship with a sought after customer. And at the Skim we have been representing millions of win women for over a decade. Our audience is the people that you want to reach and that you need to reach. They are the ones that are making ninety five percent of household purchasing and spending decisions. So while the overall media landscape continues to have challenges, we've certainly felt that, but at the Skim, what we come back to again and again is what you can't duplicate and what you can't just start overnight, which is a real direct relationship with a group of women who look for look for us every single day. How big is that group? Just remind us in terms of your reaction base over twelve million women. Wow, that's a lot. That is a lot. Are you just remind me to only subscription based or no, there's ad dollars that comes in. No, we have a differentiated revenue model. So we have sponsorship, we have subscription, and actually our fastest growing line of revenue has been commerce. Danielle, at the Skin, you have a very interesting initiative going on called show us your Childcare, Talk to us a little bit about what that is, what the goal of that is. Yeah, so it's a good day to talk about it because there was I don't know if you guys saw this, but there was a report today where we were finally able to look at data in comparison to childcare costs in twenty nineteen. So the price of childcare is up thirty two percent. That means that many families can't afford to both work, and that price search outpaysd overall inflation. I mean, when you look back this year, how much time have we spent reporting on inflation and thinking about what that is doing to families and the decisions that they're having to make, and think about then what it means to say childcare costs are going beyond that. And again this isn't new. This child share share childcare crisis has been in existence for years and the pandemic only made that worse. And in fact, the only time that there has been an investment the US has ever made a sizable investment in childcare was during the pandemic. And when that pandemic era funding expired, which it did, there were no other solutions offered. So it's leaving about three point two million children and their families without childcare options, and that is absolutely just unacceptable. We have an economy that more and more relies on parents, both of them to work, and to do that, you need to make sure that your kids have proper care. Right Listen, you're preaching to the choir. Nobody's going to like get. We totally agree. We talk so much here, I feel like about the lack of affordable daycare or childcare, if you will, for many, many millions of Americans. Other countries seem to have figured it out. You guys, have a partnership and talk to us a little bit about it with moms first. You're partnering also with companies such as Verizon, MasterCards, show Banni on this. Tell us what specifically are you are doing to kind of impact this problem or the situation. Yeah, So we launched hashtags show us your Childcare. And this is the second real civic action campaign that we've lost that we've launched. The first was hashtag show us Your Leave. And what we believe is really matching areas with there is a disconnect for what the government is doing so. Again, childcare has not been something that's been solved by Democrats in leadership or Republicans, and so because of that, we again have really needed the private sector to step up. And I think that this is a time when there's not one right way to know how to support your business through a childcare cliff. But how best do you think the private sector can do it? I think many would argue, yeah, maybe the government doesn't need to be involved, that there are private sectors that have definitely been very profitable and that as a benefit, or to help out their workers to make it easier, or in a tight labor force, bring more workers in to actually provide childcare. So what are the one or two things that can really make a difference here. Well, the first is use it to attract and retain talent. So this is a big way to make your policies transparent. Use our hashtag show us your childcare. And that's where we've gotten over eighty companies such as Pinterest, Shobani, ww ets, Verizon to make their policies transparent. And what that does is it really virtue signals that you care about families and that you are going to put your money where your mouth is. But what any of those companies actually do, That's what I'm curious about. What do they do that actually helps people with their childcare needs. Yeah, so it's everything from flexible work hours to cash stipends to put towards childcare costs. One of the things that we do at the SKIM is team up with a partner VB to make sure that there's backup care options. So we offer kind of a bank of credits those days when you have normal childcare but you need a plan B your childcare provider is closed or someone sick. So it really runs the gamut to onsite childcare centers. And again, you know, it's going to depend on the size of your business how much you're able to invest. But there are different things out there, and we want to make sure that that's part of the conversation when it comes to benefits. And I imagine there's a pretty good economic incentive for some companies to get more engaged with childcare. Is that a selling point of this initiative? And Daniel just got about twenty seconds. Yeah, I think it is, and I think overall as a society, we should all make sure that we have a growing workforce that we have nice things like social securities, and to do that, we need to make sure that women stay in the workforce. So I think overall there's a benefit there, but there's also investing employees they'll stay longer. All Right, we got to run, Thank you so much, A very timely issued something we've been talking about. Bloomberg. This give co founder Danielle Weisberg on zoom in New York City. This is Bloomberg. You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Eastern on Bloomberg Radio, the Bloomberg Business app, and YouTube. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa playing Bloomberg eleven thirty. Yeah. One man's loss is another one's game. That is definitely cocky. Attention of the hedge fund industry on this FED decision day Wednesday, if you will, the US Treasury, you know, trade is definitely on our minds, Mike. The funny thing is it's been on our minds a lot this year, amid big swings in the trade volatility in any given day, we've seen tremendous swings. Yeah. Absolutely, and it's fascinating to see sort of new classes of hedge funds get involved in the treasury market. You know, there's certain macro funds that are always president there. But whenever I see the name long tail Alpha, you know, a tail risk catch fund, I know something's gone wrong somewhere when these guys are actively involved in the trade. So I think that's the case with the story. Well, let's get to it, because it's a story that is reported out in the new issue of Bloomberg Business Week. Let's get into what's going on, as I said in the upcoming new issue on newsstands tomorrow, already online a Bloomberg dot com slash business Week, and of course on the Bloomberg terminal. So let's get to it. Bloomberg News Chief correspondent for Global macro Markets, Liz McCormick is with us. She is on zoom in New Jersey, and also with us is Bloomberg News crossauset reporter Denisatsakova. She's here in our Bloomberg Interactive Brokers studio. Guys, so great to have you here with us. It is in BusinessWeek, the upcoming new issue, which will be out on newsstands tomorrow. Denise, let's start with you. I'm curious about the conversation in the newsroom. Joel has a tendency they'll kind of walk around the newsroom and like kind of poke people about stories. How did this story come about? What was the conversation or did you know one of you say like, you should see what hedge fund guys are up to, So tell us how this came to be. Yeah, so it came back to that theme. We've talked a lot about price sensitive and price incentensitive buyers, so we wanted to look into who are really those new buyers, and hedgephone's a big part of it. And obviously, like if you think of just generally trading treasuries and think of it as the safest market and kind of a little bit slower moving market compared to I don't know, compared to equities, currencies, I don't know. So the conversation came, how has the day of those people changed? And this is what we ask them, So won't tail Alpha ven year's day is very different? You know. The first anecdote is he wakes up every two hours to check the prices, and you know, it's being there on your Bloomberg terminal or whatever. You check your prices all the time and following every little move and then every small data release is very important and potentially it can make you move things. And obviously, like some of those traits have voice trades, sometimes you have to be in the and look at all those releases together decide where you have to make moves. And you can imagine this is very different than I don't know, five years ago, when the FED was such a big important buyer and prices maybe weren't as sensitive to those things. Yeah, this is why I'm not a tail risk hedge fund. That that well, well, I want to bring listen to this conversation, Liz, because we talk about the extreme volatility that we see in the US bond market this year. So are they playing our hedge fund guys and gals, if you will, playing a significant role in that volatility? Well? Yeah, right? Is it circular? Right? And they like the volatility, they come in, they create more volatility, right, So it kind of feeds on itself and then more it becomes and I have to do a shout out. I know Tracy Alloway at some point did a story treasury is trading like a meme stock, so we have to book that one up. But that it becomes like, you know, what was it? Oh, I think Mike Reagan must have edited one of these stories we did where there was other things that were like the hot things that was crypto. And now look at this treasuries even today, look at the yields across the curve. It's like down, you know, over fifteen bases points. It's crazy. So I think hedge fund's coming in because there's more volatility and trading than that adds to it. But they do kind of on the flip side say hey, we're adding to the liquidity, we're you know, making markets. And Deniza knows. Today we had the refunding today and they had their barring committee, which the Treasury always does look into different things. One of them was like the demand base, and they brought up things that were in our story, not that it was from our story, but that the buying base has changed. You know, you have less commercial banks, foreign central banks, you have more households and hedge funds you know, involved in the treasury market. So it's kind of interesting that they brought that up today. Mike did call it a meme stock by the way early. Yeah, I really wanted to take credit for that, but of course Liz Tracy's way ahead of me as usual. But Liz, you know, one of the sort of standard bread and butter hedge fund trades when it comes to the treasury market is something known as the basis trade, which basically looks to profit between discrepancies in the price of bond futures and the actual bonds trading in the cash market. That seems to be kicking into high gear this year, and there's a bit of a backlash to that from the government and some scrutiny about what hedge funds are doing. I know, it's created its own backlash to the backlash, Ken Griffin coming out and saying, why do they care about this? This is sort of an innocuous trade that actually helps save taxpayers money in the bond market. Walk us through the basis trade and why there is scrutiny of it right now? Yeah, in fact, you're front running another story I have covered. Helpful get it out before you do. But yeah, it's been interesting. Like you said, we've had the FED, the BIS, A lot of regulators say hey, we'll worry the side of the size of this basis trade is gotten as jig as it was like in March twenty twenty, and we know what happened then. But yeah, normally this is kind of like you say, picking pennies up under steamroller. You're shorting the futures, you're buying the cash. If you take it to you know, to expiration of the futures, they should converge and where they see some discrepancies, some price discrepancies, that's why you'll do that trade. Where the risk comes in is that most of that is done using leverage, meaning using the repo market to finance the treasury side. So you have the risk that's what happened in like twenty nineteen, that repo rates go crazy for whatever reason and you just can't keep funding this trade. On the flip side when volatility picks up, as you know in futures, you tend to get margin calls. It's just part of the metrics. And so if you started getting margin calls on the short side, so you know, things can just go awry on both sides and all of a sudden, you know you just can't keep in this trade. Then there's a mass exit. That's the way that there's a problem when everyone's running on the same way, right and no one can get out. And remember Mike, in twenty twenty, we had people saying, hey, I had a good trade, I couldn't even get out of that because there's just no liquidity, right. Well, that's what I wanted to ask. Don't we want it to be a little bit of a sleepy market that you know, foreign central banks and the Fed and others you know, use and can count on to be kind of trade a certain way. I mean, don't we to some extent they need to care about the composition of buyers or are we just glad that there are buyers in this market. We do care about the composition for sure, and obviously, like just to give perspective, So those big traditional buyers, including the FED, commercial banks, foreign buyers used to count for seventy five percent of the ownership of the treasury market. That number now is fifty five percent. So this is a very big drop. And speaking to different experts who've been following this for a year, a lot of people saying that in a case where there's a little like a slightly bigger shock, probably there will be very sharp moves, and the market is more fragile to those moves that and it was in the past because obviously hedge funds are a big part. They're very price sensitive, but mutual are also growing fast, pension funds are growing fast. They're not necessarily moving as fast as hedge funds obviously, but are sensitive to macro events. So all those different participants are a lot more likely to react on who knows the next banking news or oil prices or any of those little things. But hedge funds have always been a part of this market, right, it is now there a bigger part we know, percentage wise. Yeah, they have tripled in the past year. So currently they own two point three trillion, which is close to ten percent of the treasury market. Which makes me wonder if he gets sleepy again, Mike, do they just run in the other direction right to make money? Yeah, and it makes me You know, the dirty word in macroland is are you a tourist in this market? Yeah? Are you really a macro fund who's used to this trade and knows what to do? Or are you taking riskue you're an equity manager, you know. I've seen a few headlines out this week Bill Ackman with shortening treasuries, he's changed his mind. He's now covering that shere Stan, Truck and Miller are a very wealth known hedge fund manager used to work with George Sourez without saying he's very bullish treasuries. So is that at least the tourist sort of mentality. Does it seem like the consensus is we've seen the peak and yields, it's now time to back up the truck and start going along the treasury market? Do you think? I think the peak is for sure, very important, but it's also very important that for a very long time it was the direction of trouble was very sure. And obviously like the Fed is likely to continue rowing off its bounce sheet, so them being a smaller portion of it guarantees more volatility, whether those traits are whether short bonds will still be a successful trade. Obviously this is this is going back to the debate where we've seen the peak, but the fact that they're more say realty value trades or or you know, basis traits or things where you can exploit that volatility stace. No matter whether we've reached dot peakids I wonder too, Liz, come on back in. I mean what you make for someoney who's also followed this, you know for a long time in terms of the bond market and treasury trade to see a greater role of hedge funds. I do wonder, listen. They love volatility, right, they want things to move. That's how you make money and quickly for investors. But I do wonder does that potentially, you know, or could it spell trouble? We always talk about right, these changing rate environments, and you know, as the tide goes out, like we get to see all the problems and we you know, could it create some kind of crisis many or otherwise in the future. Well, I have to say, and I wouldn't be doing a good service. And maybe Treasury Department will still talk to me if I do mention that. John Josh Frost, to the Treasury Department Assistant Secretary for Financial Markets, said publicly in a press conference. Listen, we still have a very diverse buyer base. We're not lying on any one type of investor or group of investors. So they're saying, hey, we're doing fine. But to your point, Carol, I think that is why regulators worry like they're zoning in on leverage of things, but you don't want a massive positioning and with one group of investors, who if they go the other way, you just create this groundswell of movement and they take everyone else out in the process. So I think that's the risk when any trade gets too big, especially when it's leveraged, that's a problem. But like I said, Treasury saying, we're okay, we're looking at all this, but we still have enough folks that want to buy our stuff that we're not concerned. But like, who knows well to see what happens for now? How? Yeah? Yeah, Well, let's I wonder you know that that expression crowded trade comes to mind with a story like this. I mean, is there enough diversity in sort of the trades going on or is there a risk of crowding in certain trades, especially you know when you look at how the yield curve is really steepened pretty aggressively in the last couple month, you know, is that potentially a crowded trade or you know, are there any pockets of crowded trades we should think about in this market right now? Well? I would say I think the biggest one is the basis, even though some people argue there's reasons it's not as big, But I keep saying, like Denisa says, it's this debate have yields peaked and that I think people keep getting burned, you know. I mean, we've seen a massive fall today, but that yields have peaked, let me just load up, bring up the truck and buy them, and then yields go up again. And so I think that's where the risk is that people are trying to just can't seem to time this market right, you know. So that's creating the extra volatility, not just from the hedge funds but just regular macro funds, et cetera, thinking it's time now. Maybe they're okay in the long run because this will come back. But I think that's the risk that people just can't seem to get a clarity for sure where rates are going. Yeah, right, exactly. The crystal ball is really muddy right now, Deniza. Just to bring it back to how you guys kick off this story the founder of long Tail Alpha and talking to him, does it feel like it's a trade he plans to be in for a long time or is it something he's like, Yeah, this is maybe a one or two your thing or I don't know. Yeah, I think this is not including the story. But he actually said that probably the best time for this trade is yet to come. As cliche as that is, but this is something we've also heard. We talked to people, of course, I mean, what else could he say, But we also talk to people like who are selling trading algorithms and who very you know, have a very good perception where the basis trade is growing, and they're saying that in the past three months they've seen the most demand they've seen for these type of things, and obviously they have interest in saying that this will continue to be strong. But this is this is a thing we're saying. So for sure, there are numerous players in this space that are saying that as long as there is uncertainty of peakios, as long as the FED is rowing off his bounce sheets, as long as we see that volatility, uh, there may be more appetite for those things. Feels like we could see some more volatility, guys. Thank you so much. Bloomberg News process that reporter Deniza Zakova along with Bloomberg News, she correspondent for Global Macro Markets Liz McCormick. This story in the new upcoming issue of Bloomberg Business Week, on newstands tomorrow, already on the Bloomberg and already online at Bloomberg dot Com. I'm brother Marco, the journal. Now about you. Let me drive? No no, no no, no, please going to drive, honey, please, I'll do the gravels. Let's wat I want to try it. It's good question that try. This is the drive to the clothes dot com tek we'll buy around fold it on Bloomberg Radio and a very good afternoon, everybody. Welcome to Bloomberg Business Week live in our Bloomberg Interactive Broker studio, streaming on YouTube than Bloomberg Originals. It is a FED Wednesday, as you've been listening on TV and across Bloomberg channels. FED Wednesday, the first day of November, and the FED holding rates at a twenty two year high for a second straight meeting, and the FED Chief Jay Powell asking should we be hiking more? Which I feel like sets the tone. I'm Carol Masser. Tim Stanovec is off today and with us as Bloomberg's Mike Reagan, and I do feel like Mike. There was a lot of things where they He kind of continued to remind us that inflation is still elevated, and I feel like they might not be done yet. Yeah, I mean, and I don't think he said anything too new today really changed the outlook for interest rates at all. But we do have this really wild rally in the stock and the bond market right now, So I wonder you know how much of that is sort of people caught on the short end, short selling both stocks and bonds before this and now having to cover. I'm not one hundred percent convinced you can trust this as sort of the markets interpretation of what he's saying. Right you think about how they were positioning ahead of all of this and thinking it was going to be a lot more negga, Yeah, and so often, you know, we see these reactions in the market the day of a FED press conference and then wake up the next morning and wait a minute, everyone, wait twenty four hour cycle that hasn't happened before this year. It's a really good point. But we are seeing equities hold and it's pretty broad based buying. Let's get back to the markets. It is a FED Wednesday. Stocks are ralling. We've seen yields back off, and lucky for us on our drive to the close on this FED Wednesday is Amanda Gotti. She's chief investment officer at P and C Asset Management, joining us once again out there on zoom in Philadelphia. Amanda, there's a rally underway in stocks. Yields have backed off. I think Mike makes a great point that maybe some investors were caught off guard expecting a much more negative tone or negative description statement whatever from the Federal Reserve. Do you discount the trade today? Oh? Absolutely, I discount the trade. I mean, there's no question that sentiment has been pretty lousy in the last you know, four to six weeks. Yields of move rapidly higher. We think very crowded positioning at one end. So there's a scurrying around that's happening here into the close today to reposition. But I'm not sure that we learned a lot of new information. I mean, I think it's hard for me to say that Powell had his hawk costume on for Halloween. Maybe it was a little bit lighter of a tone than he has been recently. But the door is still very much open for additional tighter policy from here. So we think this rally is going to be short lived. And I know you're in Philadelphia, and I think we should make a deal not to discuss the Phillies at all during this interview. Thank you, I appreciate that. Yeah, yeah, me too. But I wonder, as October, for all the wrong reasons, I was in a hotel with the Arizona team when they lost. Uh yeah, am I wrong? Well they lost, they lost a few games in Philly, but they ended up winning the series. Hey, we're not going to talk about it, Carol, all right, Okay, still too soon now, I mean, you know, we're going to talk later in the show about sort of this wild year of volatility in the bond market. And I wonder, just as a professional in these markets, what's it like coming in every day and seeing these wild moves in the treasury market, you know, this market we were so accustomed to being quiet and sort of boring, you know, And what do you think is needed to calm it down? Well, it's a great question. It's almost an unanswerable one at the moment here. I think as investors we've been conditioned to a hashtag high volatility regime for quite some time now. I mean, think about the last three years of unprecedented challenges and return negative returns in the bond market, so we're starting to get conditioned to this. But I think at the end of the day, it's all a function of this unprecedented policy accommodation that came in at the onset of the pandemic and now this unprecedented unwinding. At the end of the day, it's just going to take a lot longer. I keep saying longer for longer. It's not higher for longer, it's longer for longer. Everything about this is just going to take longer to normalize than what investors would like. And I think it's, you know, again, kind of just hammering the same thing that I feel like Mike and I kind of agree in terms of what we got from Japwell, the risks of doing too little. They're worried about that, even though he's stressed right out of the gate, we've got a dual mandate and that eventually maybe some of this will start to work its way into the labor side of the equation. The risks of doing too little is certainly I feel like top of mind for him, absolutely, and we agree with that that's why we continue to think that the door is potentially open for some tighter policy ahead. I think the key question is whether the market has done the Fed's job for it or not. And he even acknowledged that a little bit that with the I think the market has done enough of the job for the FED at this point. I think it's done enough at the moment. I mean, think about the you know, one hundred bases points that we've seen a move here in the longer term portion of the curve. It's been a very violent move, no matter how you slice and dice it. And so I think for now we're definitely in sufficiently restrictive territory. But there's still plenty of ammo from an economic data perspective to go further here. Economic growth continues to come in pretty strong. Ism report today gave a very polar opposite story here, but US consumer is still very strong, inflation not to the long term target, So I think there is room. I think we just need to, as Pale said, let some of the lagged effects of this policy work its way through here. But we are definitely in restrictive territory for sure. Yo. I meta one of the themes this year is the yield curve, you know, the difference between yields on shorter term debt and longer term debt. And we've been living with this inverted curve for a long time where the shorter maturity debt is yielding more than the longer maturity debt. We have seen this very aggressive steepening in the last few months, and you had a really interesting point in your note to us talking about that steepening of the curve, and it's a very unique thing that's happening, this bear steepening of the curve while it's inverted. What's the takeaway from that, Well, I think it's an interesting dynamic because we of course have this inverted yield curve, it's been consistently inverted for the better part of a year plus, but we're also having this bear steepening phenomenon. And usually when you see that start to come into the equation, it's like, oh, here's the signal for something's going to crack in the backdrop. But it's actually only happened once in the last fifty years where we've had both of these dynamics in play that you don't usually see them together, and so the one time that we have in history was right before the nineteen sixty nine nineteen seventy recession began. And so one data point does not make a trend. It's not a perfect guide or predictor for what's to come next. But we do think the net effect is just a lot of pressure on high valuation stocks and the long end of the curve too. All right, we've got to run. Hey, listen, Amanda, Thank you so much, so appreciate. Amanda A. Gotti of URPNC. This is the Bloomberg Business Week podcast, available on Apple, Spotify, and anywhere else you get your podcast. Listen live weekday afternoons from three to six Eastern on Bloomberg dot com, the iHeartRadio app, tune In, and the Bloomberg Business App. You can also watch us live every weekday on YouTube and always on the Bloomberg journaloneSee 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Eric Hansotia, Chief Executive Officer at AGCO, discusses growth, technology and sustainability in the agriculture industry. theSkimm Co-Founder Danielle Weisberg talks about their Show Us Your Child Care initiative. Bloomberg News Chief Correspondent for Global Macro Markets Liz McCormick and Bloomberg News Cross Asset Reporter Denitsa Tsekova provide the details of their Businessweek Magazine story Hedge Funds Turbocharge Volatility in Cratering US Bond Market. And we Drive to the Close with Amanda Agati, Chief Investment Officer at PNC Asset Management Group.Hosts: Carol Massar and Mike Regan. Producer: Paul Brennan.     FULL TRANSCRIPT:     This is Bloomberg Business. Wait inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news. The Bloomberg Business Week Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. Well shares at Adco. Check it out, everybody, They're up our third day, They're at more than six percent in that time. Company reported earnings yesterday morning, of which third quarter just at EPs was a big beat. Third quarter net sales in line with expectations, and the maker of tractors and combines also said it still sees fiscal year net sales of about fourteen point seven billion, slightly above street estimates, with fiscal year just ADPs of about fifteen dollars seventy five cents a share. That's fifty cents above the company's earlier forecasts. Three analysts nonetheless cutting their price targets on the company by an average of three and a half percent since it reported yesterday. So let's get to it. We have a great guest. We have the CEO, Chairman, President and CEO at ADCO, Eric Hansotea. Excuse me, Eric Hensotia, He's on zoom from Duluth, Georgia, and he joins, us, forgive me, forgive me. I'm trying to race to get to you. So I apologize. Eric. Oh you good, no problem, Really great to have you here with us. First of all, how are you? And I do have to ask you about the FED? In an environment where the FED says, you know, we could still continue raising rates, we're still worried about inflation. Does that kind of mesh with the outlook that you see? Well, your first question was how am I doing great? Just couldn't be happier with the progress that our company is having relative to our strategy. We're going to have two billion more in sales this year, We're going to grow margins significantly relative to the and it's all in line with our high tech focus on being the industry leader and smart farming machines relatively to the FED. You know, interest rates do weigh on farmers' minds. These are big as they carry a lot of technology. They're expensive machines, many times half a million to a million dollars, and so they often finance those machines, and higher interest rates are part of the part of the decision. I'm expecting that we're you know, at a high plateau and that we're more likely over the coming year to have red rates go down then up, and that would be welcomed by our customers, you know, Eric, I'm looking at the revenue growth of ag CO over the years and really some impressive growth there. Twenty twenty one is up, twenty two, twenty twenty two up fourteen percent, sixteen percent. This year, it does, at least according to analyst estimates, look like you might be in for a dip in revenue last year. And I'm wondering what's the what's driving that? Is that entirely an interest rate story or is there is there something else going on? It's actually very little related to interest rates. Agriculture often is not connected, not correlated highly with the regular GDP growth. It's more tied to the agricultural agricultural economy. So the price of corn, wheat, soybeans, and that's a function of how much green there is in the world. For the last two or three years, there's been green shortages and so green prices have been high. That means more profit for our farmers. Now they've had a great year this year in terms of harvest and so there's a little bit more stock prices have come down a bit, and that's really more what drives farmer profitability and then turn their interest to purchase equipment. Hey, Eric, what I wonder is longer term how you guys think about the business, how you plan, because I wonder if things like weather, climate change, demographics globally, is that more significant in terms of how you think about the growth longer term? And if so, what does that maybe indicate to you. Yeah, that's a great point, Carol. So we see three macro tailwinds plus this weather factor. So let me touch those real quickly. Number One, we're moving from eight billion people to ten billion people between now and twenty fifty. Number two, emerging economies are adding more meat to their diet as they do that. That's a multiplier on the demand for green chicken is a two to one multiplier, beef is a ten to one multiplier. And then third is renewable fuels, so ethanol in the United States. But now the next one is renewable diesel. Ethanol consumes forty percent of the corn crop today. Renewable diesel is likely going to grow to that same kind of proportion over the next few years. Those are all macro tailwinds that cause the farmer to have higher yields and more pressure on higher yields. And then weather is another one. We're having more severe droughts and more severe floods every year that reduces the overall global global ability to produce cream. So you add those four factors together and the farmers are pushed to have higher yields while using less inputs, less fertilizer, pesticide, chemicals and things like that, and so there's a big squeeze for productivity. Using our technology, we're using artificial intelligence on our now to be able to use vision systems so identify the difference between a weed and a plant as a machine's going through the field and spray only the weed, saving like seventy percent of the chemical and a lot of automation of features throughout all of our products. Can you say, I'm assuming you've been using AI for a long time though, right, Yes, we have. Across many of our machines. We use AI to understand the variation in soil or crop and have the machine learn over time to be able to optimize itself real time in the field. It's amazing because when you think of AI. The last thing I think most people think of is farm labor. Do you think of machines though, I think a machine. Well, Eric made a great point and I wanted to ask about this. Is right at the beginning, you said that technology aspect of your business is so important, and again, if you're not really familiar with ACO, you might not think about that. But one thing I wanted to ask about, Eric, and full disclosure, I'm not an expert on tractors. In fact, I hire a kid to cut my own grass, so I'm really I've driven a tract, this big one. There we go. So I'm coming at this from a pure ignorance state of mind. But I would think that self driving technology would be easier to implement on the farm with a tractor. But from my understanding is it's not really I wonder if you could talk to us a little about where you are with that type of technology. You know what we see it anytime soon? Or is it just, for whatever reason, too complicated to have self driving tractors. It's a great topic. It's at the heart of our strategy is putting technology on machines to have the machine be smarter and be able to do more things for the customer. I talked about the sprayer. We're automating all our functions on all of our machines. We've increased our engineering spend by sixty percent over the last three or four years since we started a strategy. We've bought six tech companies. We just announced the biggest AGG tech deal in history with Trimble agg where is over a two billion dollar deal to bring those to their technology and our technology together. So technology is a big deal. Now let's talk about the autonomy question. Already, guidance, which Trimble is is one of the world leaders in is used by farmers once they get into the field. They get into the field and they already turn on auto steer, which is a satellite driven guidance, tip the steering wheel out of the way and the machine steers for itself. Now it's still supervised today, but most large AGG has is the machine is doing the steering for itself. We've committed when we were in Wall Street last week last year, we committed that by the end of the decades, so twenty thirty, we would have the full crop cycle, meaning planting, spring, tractors, harvesting, all autonomous with no driver in them, and by twenty twenty five we'd have a retrofit kit that would be able to be put on an existing machine to make it autonomous. So it's a more contained environment. There's not so much other traffic and other things in the way, and you can stop. You don't have a lot of other traffic around, so you can if there's runs into a situation hasn't seen before, the machine will just failsafe mode is stop and then you can remotely view into it and restart it. It's like about right, there's lots of move there's a lot of space around you. Autopilots work really really well. Hey, in twenty twenty four, what do we expect for your company? Do you see higher prices due to inflation continuing And just got about forty seconds. Yeah, yeah, prices are going to moderate. You know, these last couple of years, we put a lot of pricing into the market, more than our a little bit more than our cost. We expect to still put more than our cost into the market because of all this technology we're bringing in the value it generates. But inflation is coming down pretty significantly for us, and so we think it'll be much more normalized. You know, we haven't given guidance, but it'll be more in the mid to low single digits than where we've been before. Any any kind of peak ten seconds in terms of the ag machinery market, do you see any kind of peeking out just very quickly. Well, we've still got strong demand going into next year. Our order boards are out six or seven months on large egg. We're sold out for our seasonal products. We're all through Mighty Year twenty four, so we still see twenty four as a good year, although getting more normalized. All right, love it, listen, come back soon, so appreciate it. Eric Hansodia He is chairman, president CEO at AGCO on zoom from Duluth, Georgia, So appreciate your time. On this Wednesday, you're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Eastern Listen on Bloomberg dot com, the iHeartRadio app and the Bloomberg Business app, or watch us live on YouTube. All right, we're going to switch gears a little bit off of earnings. Talk about the skim. It's a non partisan digital media company catering to women. It's a subscription newsletter company to offer up things like the daily Skim Skim Money. There's also a podcast and a lot more in terms of what they do the privately held company. Their investors include GV which was formerly Google Ventures. Also Disney. We just heard Denise talk about Disney when it comes to the Hulu ownership. Ventures is another investor in the company. We talked with both of the founders back in March, and great to have back with us this time around. The Skim co founder Danielle Weisberg. She's on Zoom in New York City. Danielle, how are you. I'm good, Thanks so much for having me here today. Before we get into some specifics, I always like to talk perspective. You guys have been around for more than a decade. It's been a few months, about six months or so since we last talked. Talk to us about, you know, how business is doing this year, and just talk to us about how you see the environment right now. Yeah, So you know, listen, you guys are in this day in and day out in terms of public companies, and I think that when it comes to this environment, we know ADS spending has been really up and down. It's been tenuous. I think that when those budgets flex, the biggest thing that you can rely on is a direct relationship with a sought after customer. And at the Skim we have been representing millions of win women for over a decade. Our audience is the people that you want to reach and that you need to reach. They are the ones that are making ninety five percent of household purchasing and spending decisions. So while the overall media landscape continues to have challenges, we've certainly felt that, but at the Skim, what we come back to again and again is what you can't duplicate and what you can't just start overnight, which is a real direct relationship with a group of women who look for look for us every single day. How big is that group? Just remind us in terms of your reaction base over twelve million women. Wow, that's a lot. That is a lot. Are you just remind me to only subscription based or no, there's ad dollars that comes in. No, we have a differentiated revenue model. So we have sponsorship, we have subscription, and actually our fastest growing line of revenue has been commerce. Danielle, at the Skin, you have a very interesting initiative going on called show us your Childcare, Talk to us a little bit about what that is, what the goal of that is. Yeah, so it's a good day to talk about it because there was I don't know if you guys saw this, but there was a report today where we were finally able to look at data in comparison to childcare costs in twenty nineteen. So the price of childcare is up thirty two percent. That means that many families can't afford to both work, and that price search outpaysd overall inflation. I mean, when you look back this year, how much time have we spent reporting on inflation and thinking about what that is doing to families and the decisions that they're having to make, and think about then what it means to say childcare costs are going beyond that. And again this isn't new. This child share share childcare crisis has been in existence for years and the pandemic only made that worse. And in fact, the only time that there has been an investment the US has ever made a sizable investment in childcare was during the pandemic. And when that pandemic era funding expired, which it did, there were no other solutions offered. So it's leaving about three point two million children and their families without childcare options, and that is absolutely just unacceptable. We have an economy that more and more relies on parents, both of them to work, and to do that, you need to make sure that your kids have proper care. Right Listen, you're preaching to the choir. Nobody's going to like get. We totally agree. We talk so much here, I feel like about the lack of affordable daycare or childcare, if you will, for many, many millions of Americans. Other countries seem to have figured it out. You guys, have a partnership and talk to us a little bit about it with moms first. You're partnering also with companies such as Verizon, MasterCards, show Banni on this. Tell us what specifically are you are doing to kind of impact this problem or the situation. Yeah, So we launched hashtags show us your Childcare. And this is the second real civic action campaign that we've lost that we've launched. The first was hashtag show us Your Leave. And what we believe is really matching areas with there is a disconnect for what the government is doing so. Again, childcare has not been something that's been solved by Democrats in leadership or Republicans, and so because of that, we again have really needed the private sector to step up. And I think that this is a time when there's not one right way to know how to support your business through a childcare cliff. But how best do you think the private sector can do it? I think many would argue, yeah, maybe the government doesn't need to be involved, that there are private sectors that have definitely been very profitable and that as a benefit, or to help out their workers to make it easier, or in a tight labor force, bring more workers in to actually provide childcare. So what are the one or two things that can really make a difference here. Well, the first is use it to attract and retain talent. So this is a big way to make your policies transparent. Use our hashtag show us your childcare. And that's where we've gotten over eighty companies such as Pinterest, Shobani, ww ets, Verizon to make their policies transparent. And what that does is it really virtue signals that you care about families and that you are going to put your money where your mouth is. But what any of those companies actually do, That's what I'm curious about. What do they do that actually helps people with their childcare needs. Yeah, so it's everything from flexible work hours to cash stipends to put towards childcare costs. One of the things that we do at the SKIM is team up with a partner VB to make sure that there's backup care options. So we offer kind of a bank of credits those days when you have normal childcare but you need a plan B your childcare provider is closed or someone sick. So it really runs the gamut to onsite childcare centers. And again, you know, it's going to depend on the size of your business how much you're able to invest. But there are different things out there, and we want to make sure that that's part of the conversation when it comes to benefits. And I imagine there's a pretty good economic incentive for some companies to get more engaged with childcare. Is that a selling point of this initiative? And Daniel just got about twenty seconds. Yeah, I think it is, and I think overall as a society, we should all make sure that we have a growing workforce that we have nice things like social securities, and to do that, we need to make sure that women stay in the workforce. So I think overall there's a benefit there, but there's also investing employees they'll stay longer. All Right, we got to run, Thank you so much, A very timely issued something we've been talking about. Bloomberg. This give co founder Danielle Weisberg on zoom in New York City. This is Bloomberg. You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Eastern on Bloomberg Radio, the Bloomberg Business app, and YouTube. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa playing Bloomberg eleven thirty. Yeah. One man's loss is another one's game. That is definitely cocky. Attention of the hedge fund industry on this FED decision day Wednesday, if you will, the US Treasury, you know, trade is definitely on our minds, Mike. The funny thing is it's been on our minds a lot this year, amid big swings in the trade volatility in any given day, we've seen tremendous swings. Yeah. Absolutely, and it's fascinating to see sort of new classes of hedge funds get involved in the treasury market. You know, there's certain macro funds that are always president there. But whenever I see the name long tail Alpha, you know, a tail risk catch fund, I know something's gone wrong somewhere when these guys are actively involved in the trade. So I think that's the case with the story. Well, let's get to it, because it's a story that is reported out in the new issue of Bloomberg Business Week. Let's get into what's going on, as I said in the upcoming new issue on newsstands tomorrow, already online a Bloomberg dot com slash business Week, and of course on the Bloomberg terminal. So let's get to it. Bloomberg News Chief correspondent for Global macro Markets, Liz McCormick is with us. She is on zoom in New Jersey, and also with us is Bloomberg News crossauset reporter Denisatsakova. She's here in our Bloomberg Interactive Brokers studio. Guys, so great to have you here with us. It is in BusinessWeek, the upcoming new issue, which will be out on newsstands tomorrow. Denise, let's start with you. I'm curious about the conversation in the newsroom. Joel has a tendency they'll kind of walk around the newsroom and like kind of poke people about stories. How did this story come about? What was the conversation or did you know one of you say like, you should see what hedge fund guys are up to, So tell us how this came to be. Yeah, so it came back to that theme. We've talked a lot about price sensitive and price incentensitive buyers, so we wanted to look into who are really those new buyers, and hedgephone's a big part of it. And obviously, like if you think of just generally trading treasuries and think of it as the safest market and kind of a little bit slower moving market compared to I don't know, compared to equities, currencies, I don't know. So the conversation came, how has the day of those people changed? And this is what we ask them, So won't tail Alpha ven year's day is very different? You know. The first anecdote is he wakes up every two hours to check the prices, and you know, it's being there on your Bloomberg terminal or whatever. You check your prices all the time and following every little move and then every small data release is very important and potentially it can make you move things. And obviously, like some of those traits have voice trades, sometimes you have to be in the and look at all those releases together decide where you have to make moves. And you can imagine this is very different than I don't know, five years ago, when the FED was such a big important buyer and prices maybe weren't as sensitive to those things. Yeah, this is why I'm not a tail risk hedge fund. That that well, well, I want to bring listen to this conversation, Liz, because we talk about the extreme volatility that we see in the US bond market this year. So are they playing our hedge fund guys and gals, if you will, playing a significant role in that volatility? Well? Yeah, right? Is it circular? Right? And they like the volatility, they come in, they create more volatility, right, So it kind of feeds on itself and then more it becomes and I have to do a shout out. I know Tracy Alloway at some point did a story treasury is trading like a meme stock, so we have to book that one up. But that it becomes like, you know, what was it? Oh, I think Mike Reagan must have edited one of these stories we did where there was other things that were like the hot things that was crypto. And now look at this treasuries even today, look at the yields across the curve. It's like down, you know, over fifteen bases points. It's crazy. So I think hedge fund's coming in because there's more volatility and trading than that adds to it. But they do kind of on the flip side say hey, we're adding to the liquidity, we're you know, making markets. And Deniza knows. Today we had the refunding today and they had their barring committee, which the Treasury always does look into different things. One of them was like the demand base, and they brought up things that were in our story, not that it was from our story, but that the buying base has changed. You know, you have less commercial banks, foreign central banks, you have more households and hedge funds you know, involved in the treasury market. So it's kind of interesting that they brought that up today. Mike did call it a meme stock by the way early. Yeah, I really wanted to take credit for that, but of course Liz Tracy's way ahead of me as usual. But Liz, you know, one of the sort of standard bread and butter hedge fund trades when it comes to the treasury market is something known as the basis trade, which basically looks to profit between discrepancies in the price of bond futures and the actual bonds trading in the cash market. That seems to be kicking into high gear this year, and there's a bit of a backlash to that from the government and some scrutiny about what hedge funds are doing. I know, it's created its own backlash to the backlash, Ken Griffin coming out and saying, why do they care about this? This is sort of an innocuous trade that actually helps save taxpayers money in the bond market. Walk us through the basis trade and why there is scrutiny of it right now? Yeah, in fact, you're front running another story I have covered. Helpful get it out before you do. But yeah, it's been interesting. Like you said, we've had the FED, the BIS, A lot of regulators say hey, we'll worry the side of the size of this basis trade is gotten as jig as it was like in March twenty twenty, and we know what happened then. But yeah, normally this is kind of like you say, picking pennies up under steamroller. You're shorting the futures, you're buying the cash. If you take it to you know, to expiration of the futures, they should converge and where they see some discrepancies, some price discrepancies, that's why you'll do that trade. Where the risk comes in is that most of that is done using leverage, meaning using the repo market to finance the treasury side. So you have the risk that's what happened in like twenty nineteen, that repo rates go crazy for whatever reason and you just can't keep funding this trade. On the flip side when volatility picks up, as you know in futures, you tend to get margin calls. It's just part of the metrics. And so if you started getting margin calls on the short side, so you know, things can just go awry on both sides and all of a sudden, you know you just can't keep in this trade. Then there's a mass exit. That's the way that there's a problem when everyone's running on the same way, right and no one can get out. And remember Mike, in twenty twenty, we had people saying, hey, I had a good trade, I couldn't even get out of that because there's just no liquidity, right. Well, that's what I wanted to ask. Don't we want it to be a little bit of a sleepy market that you know, foreign central banks and the Fed and others you know, use and can count on to be kind of trade a certain way. I mean, don't we to some extent they need to care about the composition of buyers or are we just glad that there are buyers in this market. We do care about the composition for sure, and obviously, like just to give perspective, So those big traditional buyers, including the FED, commercial banks, foreign buyers used to count for seventy five percent of the ownership of the treasury market. That number now is fifty five percent. So this is a very big drop. And speaking to different experts who've been following this for a year, a lot of people saying that in a case where there's a little like a slightly bigger shock, probably there will be very sharp moves, and the market is more fragile to those moves that and it was in the past because obviously hedge funds are a big part. They're very price sensitive, but mutual are also growing fast, pension funds are growing fast. They're not necessarily moving as fast as hedge funds obviously, but are sensitive to macro events. So all those different participants are a lot more likely to react on who knows the next banking news or oil prices or any of those little things. But hedge funds have always been a part of this market, right, it is now there a bigger part we know, percentage wise. Yeah, they have tripled in the past year. So currently they own two point three trillion, which is close to ten percent of the treasury market. Which makes me wonder if he gets sleepy again, Mike, do they just run in the other direction right to make money? Yeah, and it makes me You know, the dirty word in macroland is are you a tourist in this market? Yeah? Are you really a macro fund who's used to this trade and knows what to do? Or are you taking riskue you're an equity manager, you know. I've seen a few headlines out this week Bill Ackman with shortening treasuries, he's changed his mind. He's now covering that shere Stan, Truck and Miller are a very wealth known hedge fund manager used to work with George Sourez without saying he's very bullish treasuries. So is that at least the tourist sort of mentality. Does it seem like the consensus is we've seen the peak and yields, it's now time to back up the truck and start going along the treasury market? Do you think? I think the peak is for sure, very important, but it's also very important that for a very long time it was the direction of trouble was very sure. And obviously like the Fed is likely to continue rowing off its bounce sheet, so them being a smaller portion of it guarantees more volatility, whether those traits are whether short bonds will still be a successful trade. Obviously this is this is going back to the debate where we've seen the peak, but the fact that they're more say realty value trades or or you know, basis traits or things where you can exploit that volatility stace. No matter whether we've reached dot peakids I wonder too, Liz, come on back in. I mean what you make for someoney who's also followed this, you know for a long time in terms of the bond market and treasury trade to see a greater role of hedge funds. I do wonder, listen. They love volatility, right, they want things to move. That's how you make money and quickly for investors. But I do wonder does that potentially, you know, or could it spell trouble? We always talk about right, these changing rate environments, and you know, as the tide goes out, like we get to see all the problems and we you know, could it create some kind of crisis many or otherwise in the future. Well, I have to say, and I wouldn't be doing a good service. And maybe Treasury Department will still talk to me if I do mention that. John Josh Frost, to the Treasury Department Assistant Secretary for Financial Markets, said publicly in a press conference. Listen, we still have a very diverse buyer base. We're not lying on any one type of investor or group of investors. So they're saying, hey, we're doing fine. But to your point, Carol, I think that is why regulators worry like they're zoning in on leverage of things, but you don't want a massive positioning and with one group of investors, who if they go the other way, you just create this groundswell of movement and they take everyone else out in the process. So I think that's the risk when any trade gets too big, especially when it's leveraged, that's a problem. But like I said, Treasury saying, we're okay, we're looking at all this, but we still have enough folks that want to buy our stuff that we're not concerned. But like, who knows well to see what happens for now? How? Yeah? Yeah, Well, let's I wonder you know that that expression crowded trade comes to mind with a story like this. I mean, is there enough diversity in sort of the trades going on or is there a risk of crowding in certain trades, especially you know when you look at how the yield curve is really steepened pretty aggressively in the last couple month, you know, is that potentially a crowded trade or you know, are there any pockets of crowded trades we should think about in this market right now? Well? I would say I think the biggest one is the basis, even though some people argue there's reasons it's not as big, But I keep saying, like Denisa says, it's this debate have yields peaked and that I think people keep getting burned, you know. I mean, we've seen a massive fall today, but that yields have peaked, let me just load up, bring up the truck and buy them, and then yields go up again. And so I think that's where the risk is that people are trying to just can't seem to time this market right, you know. So that's creating the extra volatility, not just from the hedge funds but just regular macro funds, et cetera, thinking it's time now. Maybe they're okay in the long run because this will come back. But I think that's the risk that people just can't seem to get a clarity for sure where rates are going. Yeah, right, exactly. The crystal ball is really muddy right now, Deniza. Just to bring it back to how you guys kick off this story the founder of long Tail Alpha and talking to him, does it feel like it's a trade he plans to be in for a long time or is it something he's like, Yeah, this is maybe a one or two your thing or I don't know. Yeah, I think this is not including the story. But he actually said that probably the best time for this trade is yet to come. As cliche as that is, but this is something we've also heard. We talked to people, of course, I mean, what else could he say, But we also talk to people like who are selling trading algorithms and who very you know, have a very good perception where the basis trade is growing, and they're saying that in the past three months they've seen the most demand they've seen for these type of things, and obviously they have interest in saying that this will continue to be strong. But this is this is a thing we're saying. So for sure, there are numerous players in this space that are saying that as long as there is uncertainty of peakios, as long as the FED is rowing off his bounce sheets, as long as we see that volatility, uh, there may be more appetite for those things. Feels like we could see some more volatility, guys. Thank you so much. Bloomberg News process that reporter Deniza Zakova along with Bloomberg News, she correspondent for Global Macro Markets Liz McCormick. This story in the new upcoming issue of Bloomberg Business Week, on newstands tomorrow, already on the Bloomberg and already online at Bloomberg dot Com. I'm brother Marco, the journal. Now about you. Let me drive? No no, no no, no, please going to drive, honey, please, I'll do the gravels. Let's wat I want to try it. It's good question that try. This is the drive to the clothes dot com tek we'll buy around fold it on Bloomberg Radio and a very good afternoon, everybody. Welcome to Bloomberg Business Week live in our Bloomberg Interactive Broker studio, streaming on YouTube than Bloomberg Originals. It is a FED Wednesday, as you've been listening on TV and across Bloomberg channels. FED Wednesday, the first day of November, and the FED holding rates at a twenty two year high for a second straight meeting, and the FED Chief Jay Powell asking should we be hiking more? Which I feel like sets the tone. I'm Carol Masser. Tim Stanovec is off today and with us as Bloomberg's Mike Reagan, and I do feel like Mike. There was a lot of things where they He kind of continued to remind us that inflation is still elevated, and I feel like they might not be done yet. Yeah, I mean, and I don't think he said anything too new today really changed the outlook for interest rates at all. But we do have this really wild rally in the stock and the bond market right now, So I wonder you know how much of that is sort of people caught on the short end, short selling both stocks and bonds before this and now having to cover. I'm not one hundred percent convinced you can trust this as sort of the markets interpretation of what he's saying. Right you think about how they were positioning ahead of all of this and thinking it was going to be a lot more negga, Yeah, and so often, you know, we see these reactions in the market the day of a FED press conference and then wake up the next morning and wait a minute, everyone, wait twenty four hour cycle that hasn't happened before this year. It's a really good point. But we are seeing equities hold and it's pretty broad based buying. Let's get back to the markets. It is a FED Wednesday. Stocks are ralling. We've seen yields back off, and lucky for us on our drive to the close on this FED Wednesday is Amanda Gotti. She's chief investment officer at P and C Asset Management, joining us once again out there on zoom in Philadelphia. Amanda, there's a rally underway in stocks. Yields have backed off. I think Mike makes a great point that maybe some investors were caught off guard expecting a much more negative tone or negative description statement whatever from the Federal Reserve. Do you discount the trade today? Oh? Absolutely, I discount the trade. I mean, there's no question that sentiment has been pretty lousy in the last you know, four to six weeks. Yields of move rapidly higher. We think very crowded positioning at one end. So there's a scurrying around that's happening here into the close today to reposition. But I'm not sure that we learned a lot of new information. I mean, I think it's hard for me to say that Powell had his hawk costume on for Halloween. Maybe it was a little bit lighter of a tone than he has been recently. But the door is still very much open for additional tighter policy from here. So we think this rally is going to be short lived. And I know you're in Philadelphia, and I think we should make a deal not to discuss the Phillies at all during this interview. Thank you, I appreciate that. Yeah, yeah, me too. But I wonder, as October, for all the wrong reasons, I was in a hotel with the Arizona team when they lost. Uh yeah, am I wrong? Well they lost, they lost a few games in Philly, but they ended up winning the series. Hey, we're not going to talk about it, Carol, all right, Okay, still too soon now, I mean, you know, we're going to talk later in the show about sort of this wild year of volatility in the bond market. And I wonder, just as a professional in these markets, what's it like coming in every day and seeing these wild moves in the treasury market, you know, this market we were so accustomed to being quiet and sort of boring, you know, And what do you think is needed to calm it down? Well, it's a great question. It's almost an unanswerable one at the moment here. I think as investors we've been conditioned to a hashtag high volatility regime for quite some time now. I mean, think about the last three years of unprecedented challenges and return negative returns in the bond market, so we're starting to get conditioned to this. But I think at the end of the day, it's all a function of this unprecedented policy accommodation that came in at the onset of the pandemic and now this unprecedented unwinding. At the end of the day, it's just going to take a lot longer. I keep saying longer for longer. It's not higher for longer, it's longer for longer. Everything about this is just going to take longer to normalize than what investors would like. And I think it's, you know, again, kind of just hammering the same thing that I feel like Mike and I kind of agree in terms of what we got from Japwell, the risks of doing too little. They're worried about that, even though he's stressed right out of the gate, we've got a dual mandate and that eventually maybe some of this will start to work its way into the labor side of the equation. The risks of doing too little is certainly I feel like top of mind for him, absolutely, and we agree with that that's why we continue to think that the door is potentially open for some tighter policy ahead. I think the key question is whether the market has done the Fed's job for it or not. And he even acknowledged that a little bit that with the I think the market has done enough of the job for the FED at this point. I think it's done enough at the moment. I mean, think about the you know, one hundred bases points that we've seen a move here in the longer term portion of the curve. It's been a very violent move, no matter how you slice and dice it. And so I think for now we're definitely in sufficiently restrictive territory. But there's still plenty of ammo from an economic data perspective to go further here. Economic growth continues to come in pretty strong. Ism report today gave a very polar opposite story here, but US consumer is still very strong, inflation not to the long term target, So I think there is room. I think we just need to, as Pale said, let some of the lagged effects of this policy work its way through here. But we are definitely in restrictive territory for sure. Yo. I meta one of the themes this year is the yield curve, you know, the difference between yields on shorter term debt and longer term debt. And we've been living with this inverted curve for a long time where the shorter maturity debt is yielding more than the longer maturity debt. We have seen this very aggressive steepening in the last few months, and you had a really interesting point in your note to us talking about that steepening of the curve, and it's a very unique thing that's happening, this bear steepening of the curve while it's inverted. What's the takeaway from that, Well, I think it's an interesting dynamic because we of course have this inverted yield curve, it's been consistently inverted for the better part of a year plus, but we're also having this bear steepening phenomenon. And usually when you see that start to come into the equation, it's like, oh, here's the signal for something's going to crack in the backdrop. But it's actually only happened once in the last fifty years where we've had both of these dynamics in play that you don't usually see them together, and so the one time that we have in history was right before the nineteen sixty nine nineteen seventy recession began. And so one data point does not make a trend. It's not a perfect guide or predictor for what's to come next. But we do think the net effect is just a lot of pressure on high valuation stocks and the long end of the curve too. All right, we've got to run. Hey, listen, Amanda, Thank you so much, so appreciate. Amanda A. Gotti of URPNC. This is the Bloomberg Business Week podcast, available on Apple, Spotify, and anywhere else you get your podcast. Listen live weekday afternoons from three to six Eastern on Bloomberg dot com, the iHeartRadio app, tune In, and the Bloomberg Business App. You can also watch us live every weekday on YouTube and always on the Bloomberg journaloneSee 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Wake Up Early, Start Your Day Right! Your morning determines your day! New motivational speech compilation created with our best uplifting morning motivational speeches in the last few months to help inspire you to reach your goals and succeed in your studies! Speakers: Arnold Shwarzeneggerhttp://www.schwarzenegger.com/https://twitter.com/SchwarzeneggerGary Veehttps://garyvaynerchuk.com/https://www.youtube.com/user/GaryVayn...Freddy FriYouTube: http://bit.ly/FreddyFriInstagram: https://bit.ly/37FxFcPSpeaking: http://www.freddyfri.com/hire-meEric Thomashttps://www.youtube.com/user/etthehip...https://twitter.com/Ericthomasbtchttps://www.instagram.com/etthehiphop...Coach PainYouTube: http://bit.ly/2LmRyeaInstagram: http://bit.ly/2XLcLW5Facebook: http://bit.ly/32tZdNiWebsite: http://bit.ly/2YTgWvqBook Coach Pain: http://bit.ly/2JMefFuJoin the Coach Pain Academy: http://bit.ly/2XNmUfTDr. Jessica HoustonYouTube: https://bit.ly/2PXZqTVInstagram: https://bit.ly/31Y6Uf5Twitter: https://bit.ly/2Y7JDqdLinkedIn: https://www.linkedin.com/in/dr-jessic...Website: https://expectingvictory.com/Marcus "Elevation" TaylorYouTube: http://bit.ly/38FUFoSInstagram: http://bit.ly/3aLfu3PWebsite: https://unlockelevation.com/Playlist: https://evolveorexpire.com/William HollisYouTube: http://bit.ly/WillHollisYouTubeInstagram: https://www.instagram.com/williamking...Facebook: http://bit.ly/2LNZtgAWebsite: https://williamhollismotivation.com/Cole The Wolf DaSilvaYouTube: https://bit.ly/30oIKO9Instagram: https://bit.ly/33sdGhLTikTok: https://bit.ly/3IIpUmFPodcast: https://apple.co/3IPa0qoBrian BullockYouTube: https://bit.ly/30oejoWInstagram: https://bit.ly/2XMPQYRTwitter: https://bit.ly/37bDf4xShop the Living For Legacy store: https://bit.ly/3f8FnwFSpencer Beach https://spencerspeaks.ca/https://Youtube.com/spencerspeaks5520Music:Really Slow Motion Amazon : http://amzn.to/1lTltY5iTunes: http://bit.ly/1ee3l8KSpotify: http://bit.ly/1r3lPvNBandcamp: http://bit.ly/1DqtZSoScott Buckley https://scottbuckley.com.au/https://www.youtube.com/channel/UCUuU...Secession Studioshttps://www.youtube.com/c/thesecessionAudiojungleAudiomachinehttps://audiomachine.com/►SUBSCRIBE for New Motivational Videos every Week!http://bit.ly/StudyMotivation▶DOWNLOAD our Free Top 7 Study Tips!https://bit.ly/m2sfreestudytips▶JOIN our Newsletter for Exclusive Updates, Discounts, and Student Deals:https://bit.ly/motivation2studynewsletter▶READ our Weekly Blog -https://bit.ly/motivation2studyblog▶SHOP Motivational Canvases and Apparel!https://bit.ly/motiversityshop▶BECOME A MEMBER of our loyal community!https://bit.ly/m2smembers Hosted on Acast. See acast.com/privacy for more information.

Wake Up Early, Start Your Day Right! Your morning determines your day! New motivational speech compilation created with our best uplifting morning motivation in the last few months to help inspire you to reach your goals and succeed in your studies! Speakers:Coach Pain: http://bit.ly/2LmRyeaDr. Jessica Houston: https://bit.ly/2PXZqTVMarcus "Elevation" Taylor: http://bit.ly/38FUFoSEric Thomas: https://www.youtube.com/user/etthehiphoppreacherWilliam "King" Hollis: https://williamhollismotivation.com/Brian Bullock: https://bit.ly/30oejoWJon TafferNick VujicicPete Cohen: https://petecohen.com/Will SmithLes Brown: https://lesbrown.com/Freddy Fri: http://bit.ly/FreddyFriMusic:Really Slow Motion: http://bit.ly/1r3lPvNScott Buckley: https://scottbuckley.com.au/Secession Studios: https://www.youtube.com/c/thesecessionAdditional music licensed from Audiojungle and Audiomachine.►SUBSCRIBE for New Motivational Videos every Week!http://bit.ly/StudyMotivation▶DOWNLOAD our Free Top 7 Study Tips!https://bit.ly/m2sfreestudytips▶JOIN our Newsletter for Exclusive Updates, Discounts, and Student Deals:https://bit.ly/motivation2studynewsletter▶READ our Weekly Blog -https://bit.ly/motivation2studyblog▶SHOP Motivational Canvases and Apparel!https://bit.ly/motiversityshop▶BECOME A MEMBER of our loyal community!https://bit.ly/m2smembers Hosted on Acast. See acast.com/privacy for more information.

Wake Up Early, Start Your Day Right! Your morning determines your day! New motivational speech compilation created with our best uplifting morning motivation!Speakers:Les Brown: https://lesbrown.com/Freddy Fri: http://bit.ly/FreddyFriDr. Jessica Houston: https://bit.ly/2PXZqTVMarcus "Elevation" Taylor: http://bit.ly/38FUFoSCoach Pain: http://bit.ly/2LmRyeaNathan Harmon: https://www.youtube.com/channel/UCl5KlAkmxXYb5IlEAcBqd6gEric Thomas: https://www.youtube.com/user/etthehiphoppreacherLisa Nichols: https://bit.ly/36c2nYrMusic:Really Slow Motion: http://bit.ly/1r3lPvNScott Buckley: https://scottbuckley.com.au/Secession Studios: https://www.youtube.com/c/thesecessionAudiomachineAudiojungle►SUBSCRIBE for New Motivational Videos every Week!http://bit.ly/StudyMotivation▶DOWNLOAD our Free Top 7 Study Tips!https://bit.ly/m2sfreestudytips▶JOIN our Newsletter for Exclusive Updates, Discounts, and Student Deals:https://bit.ly/motivation2studynewsletter▶READ our Weekly Blog -https://bit.ly/motivation2studyblog▶SHOP Motivational Canvases and Apparel!https://bit.ly/motiversityshop▶BECOME A MEMBER of our loyal community!https://bit.ly/m2smembers Hosted on Acast. See acast.com/privacy for more information.

MORNING MOTIVATION! Wake up determined, go to bed satisfied! Your morning determines your day!Speakers:Les Brown: https://lesbrown.com/Marcus "Elevation" Taylor: http://bit.ly/38FUFoSNathan Harmon: http://bit.ly/2WGRbS7Coach Pain: http://bit.ly/2LmRyeaBrian Bullock: https://bit.ly/30oejoWSimon Sinek: https://simonsinek.com/Dr. Jessica Houston: https://bit.ly/2PXZqTVEric Thomas: http://bit.ly/WillHollisYouTubeGary Vaynerchuk: https://www.youtube.com/garyveeDavid Goggins: https://www.instagram.com/davidgoggins/Music:Really Slow Motion: http://bit.ly/1r3lPvN▶Subscribe for New Motivational Videos Every Week:http://bit.ly/MotivationVids▶DOWNLOAD our Top 100 Quotes of All Time:https://bit.ly/topquotesfreepdf▶JOIN our Newsletter for Exclusive Updates, Discounts, and Deals: https://bit.ly/Motiversitynewsletter▶READ our Weekly Blog -https://bit.ly/motiversityblog▶SHOP Official Motivational Canvases and Apparel -https://bit.ly/motiversityshop▶BECOME A MEMBER of our loyal community!https://bit.ly/motiversitymembers Hosted on Acast. See acast.com/privacy for more information.

"'Someday' is a disease that will take your dreams to the grave with you" - Tim Ferriss

   Hello and welcome once again to the Flaghunters Golf Podcast ! This week we have my friends Justin Tang and Dr. Izzy Justice. Justin Tang is one of the premier instructors in all of Asia and teaches at the Tana Mara Golf Club in Singapore. Dr. Justice has authored eight books over the last 30 years on Emotional Intelligence and was the first to integrate this into the Golf space.  Dr. Justice has worked with several athletes from the PGA Tour to MLB and the NFL just to name a few.    In this episode Justin, myself and Dr. Justice primarily discuss the ideal brainwave states not only just to learn, to also compete at the highest levels we can compete at. We also discuss the best ways to  immerse ourselves to get into these optimal states.    The best way to find Justin is on Instagram @elitegolfswing. The best way to find Dr. Justice is to email him at                 drjustice@gyragolf.com

From interviewing celebrities on the red carpet and working for top entertainment news outlets such as Entertainment Tonight and US Weekly magazine, to founding a PR and media company that amplifies the voices of emerging thought-leaders, Kayley Hamilton knows a thing or two about effective communication. This 2X Emmy award winning producer and reporter shares her expertise around listening, awareness, and why intention is so important in communication.  I hope you enjoy.Additional Resources:► Follow Communispond on LinkedIn for more communication skills tips: https://www.linkedin.com/company/communispond► Connect with Scott D'Amico on LinkedIn: https://www.linkedin.com/in/scottdamico/► Connect with Kayley Hamilton on LinkedIn: https://www.linkedin.com/kayleyhamilton/► Subscribe to the podcast: https://communicast.simplecast.com/► Download the ProSpeak® app. Providing users with instant feedback on presentation and communication skills. - Apple: https://apple.co/3jTJbqe

This is the profit season, here on Your A-Game Podcast. You can be a Mom and run a NON-STRESSFUL business that makes money. It's safe to say that there are many mothers who successfully run their own businesses and achieve financial success. In recent years, there has been a significant increase in the number of women starting their own businesses, including mothers who are seeking flexible work or seeking to become their own bosses. Your host, Susan Vernicek shares 3 important steps you must take to get the profits rolling in. In Today's Episode, We Discuss:  Get our Mindset and Vision Right Get your Numbers Right Price it Right Listen in on this episode so you can turn a profit asap! Resources Mentioned: We have the ultimate profit tracking sheet inside Mindset + Achieve™ Work with Susan and enroll now for the Mindset + Achieve™ Program: https://susanvernicek.com/enrollnow-38-off/ Follow along with me on Facebook and Instagram!  

MORNING MOTIVATION! Wake up determined, go to bed satisfied! Your morning determines your day!Speakers:Les BrownMarcus "Elevation" Taylor: http://bit.ly/38FUFoSLisa NicholsNathan Harmon: http://bit.ly/2WGRbS7Dr. Jessica Houston: https://bit.ly/2PXZqTVCoach Pain: http://bit.ly/2LmRyeaChris BoshTony RobbinsEric ThomasMatthew McConaugheyGary VaynerchukMartin Luther King JrSadhguruMusic:Secession StudiosReally Slow Motion Hosted on Acast. See acast.com/privacy for more information.

MORNING MOTIVATION! Wake up determined, go to bed satisfied! Your morning determines your day!Speakers:Les BrownLisa NicholsNathan HarmonDr. Jessica Houston: https://expectingvictory.com/Coach Pain: http://bit.ly/2LmRyeaChris BoshTony Robbins (special thank you to Lewis Howes)Eric ThomasMatthew McConaughey (special thank you to Tom Bilyeu)Gary VaynerchukMartin Luther KingSadhguruMusic:Secession StudiosReally Slow Motion Hosted on Acast. See acast.com/privacy for more information.

“So we know that, that's how we create our shows at Second City. We have a 12 week process, we develop in front of the audience, and we know the first four weeks there's going to be a lot of seemingly garbage, but we allow that seemingly garbage to surface because there might be a gem actually inside there, especially when sort of looked at a different way.” - Kelly Leonard In this episode of Control the Room, I had the pleasure of speaking with Kelly Leonard about his three plus decades managing the legendary sketch comedy group The Second City.  He begins with reflections on the shared origins of team improvisation and social work.  Later, Kelly explores self verification theory and how it can lead to stronger relationships faster.   We also discuss group brainstorming and breaking down silos.  Listen in for a plan to save the world by improving listening skills.

Start your day with morning gratitude affirmations. Listen for 21 days to get the most out of this recording. Includes affirmations for gratitude, morning affirmations, gratitude, grateful, thankful, gratitude practice, daily gratitude. Written and read by Bob Baker (c) 2019 - 2022. Original background music by Bob Baker (c) 2022. Watch the YouTube video version at https://youtu.be/ka-7F31OaFECheck out the new 30 Days to Manifesting More Money and Abundance course!Get on the email list! Get six FREE affirmation and guided meditation MP3 downloads. My gift to you at https://BobBakerInspiration.com/freeJoin our Patreon community at https://www.patreon.com/bobbaker and get access to monthly Zoom calls and other exclusive perks for as little as $5 a month.All of my recordings appear first on YouTube. Please take a moment to subscribe to my channel.Learn more about my book, The Power of Affirmations and Positive Self-Talk. And help me get 100 honest reviews on Amazon!Check out my Positive Music Playlist on YouTube. Hear more music like this at https://soulmassage.bandcamp.com/You'll also find many of my affirmations and guided meditations on Spotify, Amazon,  Apple Music, Insight Timer, and most streaming platforms under the artist name Bob Baker's Inspiration Project. You can also purchase and download select albums here: https://soulmassage.bandcamp.comHear my most popular album at https://bobbakerinspiration.hearnow.comAlso, I've published many books over the years, including The Passion Principles, The Empowered Artist, and Personal and Spiritual Growth for Fun People. Visit my Amazon author page to see many more titles: https://amzn.to/2wJfXijWhile you're at it, follow me on Facebook, Instagram, TikTok, Twitter, LinkedIn, and Pinterest.Wanna live a more playful and passionate life? Attend our July 15-17 event in St. Louis. Info at https://bobbaker.samcart.com/products/turbo-live-stl Join our Patreon community at https://www.patreon.com/bobbaker and get special perks, such as monthly Zoom calls!Support the show

The Workforce Advancement Team is busy this winter, and Kevin, Pete and Kendall sit in to discuss what's been going on, what's planned, and some philosophy around Workforce Advancement.  Also, a smattering of shout-outs and ONE Winner on the Price is Right!

In this episode we discuss…Ghee. As always, if we brought you any value by listening to this, we would love a review and a comment! If you have a question for us about your own health and fitness goals and need assistance, or you wish for us to cover a topic on this podcast, get in touch via the methods below: Instagram - https://www.instagram.com/z.a_training/ Facebook - https://m.facebook.com/Z.ATraining/ Website - www.zatraining.co.uk Lose weight with us online and join our Asian Fitness Zone all for £14.99 per month. Too good to be true? Then read all About it: https://www.zatraining.co.uk/members/

This week, Dana is joined by attending psychiatrist at Weill Cornell Medical College, founder of PositivePrescription.com, and author, Dr. Samantha Boardman.  Dr. Boardman discusses her new book Everyday Vitality: Turning Stress Into Strength, shares the beauty of being wrong, the role models she admires from afar and how to align your values with your work.  Keep up with Dana on Twitter: @DanaPerino

This week, Dana is joined by attending psychiatrist at Weill Cornell Medical College, founder of PositivePrescription.com, and author, Dr. Samantha Boardman.  Dr. Boardman discusses her new book Everyday Vitality: Turning Stress Into Strength, shares the beauty of being wrong, the role models she admires from afar and how to align your values with your work.  Keep up with Dana on Twitter: @DanaPerino

Sharing a short clip of a Keynote I was blessed to be able to perform on resilience Champions are built, not born. To watch motivational keynote performances -> https://missklyn.com/top-motivational-keynote-speaker/ To learn more about sales management workshops and training ->https://missklyn.com/sales-management-workshop/ To sign up for Klyn's one of a kind sales-boosting newsletter, visit -> https://missklyn.com/

Politics, religion, soda brands... We are divided on so many things, but we can all agree that 90’s SNL was the best SNL, right? Right?? Listen in as we talk about all the great cast members and iconic skits that made it such an amazing decade for comedy. Live from your phone it’s whatever night you happen to be listening to this!!

Everyone makes mistakes. It’s part of life, and there’s nothing wrong with that. But, sometimes it’s easier to learn from the mistakes someone else made rather than finding out the hard way on your own. Right? Listen now to find out about nine common mistakes that most bands will make at some point during their career! What you’ll learn: How to avoid 9 major mistakes too many artists makeWhy you need to release some musicHow to book shows without shooting yourself in the footWhat to do when someone in the band is angry about a situationHow to take care of your gearWhy you and your band should be on the same page at all timesHow to avoid burnout in a bandHow to pick the right band members (hint: it’s not purely by musical ability) For full show notes visit https://thebetterbandbureau.com/29

How many times have you done something you knew you shouldn't have done?  How many times was that decision the source of pain or conflict for you?  Listen in as we discuss the importance for women to trust our instincts and intuition to make the right decisions in our lives.  When something is meant to be in your life it will sit well with you before you even make the decision.  I give you tips on how the decision feels before you ever make it by listening to your intuition.

At a time of pressure Cassie Biggin speaks from Judges 4 to challenge us to listen to the right voice and pay attention.

Happy Val Day Sab! You won't need a love potion to fall for this week's episode. And that's good cause we spend about 5 minutes debating what love potions would smell like to us. Then we take it back to 2002 and play a game of Harry Potter MASH. Who will live in the Shrieking Shack and work as a janitor? Check out our Instagram to play on your own round, and let us know your future. But wait, there's more! The hags couldn't do Valentine's Day without a hot date. So we played a little game called Mystery Date! Who's gonna spend their Vday on someone's hog? We mean a motorcycle! Right? Listen and play along! Follow us! Twitter: https://twitter.com/nonsensenargles Instagram: https://www.instagram.com/nonsensenargles/?hl=en Facebook: https://www.facebook.com/nonsensenargles/ Donate! https://www.patreon.com/narglesandothernonsense Youtube:  https://www.youtube.com/channel/UCB8bOkgHYVYNc8jqX2eAMXQ

Everything Happens for a Reason. Right? Listen in as Dave Plemons speaks on how this phrase, while so commonly used, might be more harmful than helpful.

It’s simple, really - there’s a magical ring and there are definitely elves. Right? Listen as Leannet Rodriguez recounts the plot of The Fellowship of the Ring. And worry not! We found out that Tolkien did, in fact, write about the details of elf sex. Turns out that they can have sex with humans!

Episode 4 - Cinematography with Karl Jenner Check out Karl's work here http://www.digitalrealm.com.au/Give Karl a follow https://www.instagram.com/karljenner66/ Transcript for our hard of hearing/deaf listeners Gareth Carr:Hey everyone, welcome to Action Cut and Everything in Between, episode number four. Today on the show, I've got Karl Jenner he was the director of photography on my film, my 50 man. And he's also just completed his own feature film called guilt. So we're going to jump right in and we're going to listen to the power of cinematography and the impact that it has on your movie. Gareth Carr:All right, so Karl Jenner, welcome to the show.Karl Jenner:Yeah, thanks for having me.Gareth Carr:That's all right. So you've just shot my film, Life After Man and your own feature film, Guilt. But how did you get to the point where you are now? Tell us about your journey over the years.Karl Jenner:For me, I actually started photography, underwater photography back in the day and always had a fascination with photography and cinema and anything creative, graphics and things like that. But my passion for diving led me into photography and I taught underwater photography. And through my diving, I worked on films and TV commercials, mainly doing a lot of underwater safety work, but some shooting as well. And I met up with an old character who shot documentaries on 16 mil. He used to build his own underwater housings and being working in the dive shop, we just chatted and I used to go out with him and we'd test all these housings and shoot all this underwater footage and things like that. And we ended up doing quite a bit. And then I just got hooked into filming and that kind of led me into where I am now.Karl Jenner:So just you know, an interest of anything creative in the photography field. And I worked on TV shows and did some big camera operating and shooting and eventually people asked me to shoot stuff for them, mainly corporate videos and corporate training and lots of this stuff. And I decided one day I'll just branch out on my own. And I had a very primitive set up back in the day with an older Amiga computer and an old video camera and an old VHS deck and a very primitive gen lock, which enable me to overlay graphics onto tape and just glue all this stuff together. So I had a very kind of early technical background in filmmaking. So this kind of led me from there. And just as the technology grew, I just grew with the tech. But I have to say, I got a bit disappointed with cameras, especially video cameras of how terrible quality they were.Karl Jenner:So I actually stopped shooting for quite a number of years and just got myself heavily into post production. And always had a fascination with visual effects, so I taught myself visual effects. I've done 3D animation ever since the very early days where you could do it on a home computer and actually wrote software out of a book, a Ray tracer that's how nerdy I was, and learned computer graphics that way. And then starting with my post production editing and graphics and visual effects work, I just spent years helping other people make their films and eventually the 5D Mark III came out. And so my interest then was piqued to get back into shooting. And so I bought a 5D Mark II and shot that with that.Karl Jenner:And then my passion just ignited from there and I've just been full steam ahead ever since, the shooting, shooting, shooting. Because now I can actually, what I have in my head or had in my head, I could actually get on screen. And so that's, I'm a bit of a perfectionist in a way. So I always hated those cameras and the look was horrible and everything was horrible about them. But the modern tech enabled me to get my creative vision that I had in my head across and we launched from there. So I just hung around with cameras and lenses and things like that and just became creative. So that's my journey in a nutshell.Gareth Carr:Yeah, that's awesome. So it was pretty much the DSLR revolution and the 5D Mark II that got you to where you are today?Karl Jenner:Yeah, pretty much. Probably, maybe a little bit earlier with the mini DV. I had a, I can't remember what it was, it was Panasonic FS 90 or something like that. And then I shot some, I actually shot a series for Fox Sports on old sports stars and where you actually use that little camera. And that kind of got me there, but I never used it to shoot really any kind of anything of significance. You know, I did my corporate work and stuff on that. But even when the price of cameras, like Digi beaters were astronomical and then they're crappy. So it wasn't until the 5D Mark III came out that I thought, "Nah, I can now get some focus separation and do all that fancy stuff that what kind of gives it that cinematic look." And it was at an affordable price, so there you go.Gareth Carr:Yeah. So since since the 5D, what cameras have you used or owned from that point to get to where you are now and tell everyone what camera that you're using now?Karl Jenner:Okay, well I bought a second hand 5D Mark II and then I had a 70 as well, and I was shooting quite a lot with that. And then the thing that made me kind of migrate up was the audio. The audio was always a challenge and post syncing though it was achievable, it was always fraught with danger. And so I built out a rig and it was like a big Franken monster just to get audio out, proper professional kind of audio with XLRs. And I had pre-amps and all these sort of things stuck in there. And it was just so many points of failure and always that fear in the back of your mind when you're on a big job that something was going to go really wrong. And then you'll get back to the studio and someone hadn't hit record or some, there was a hiss or a hum or something would just destroy it.Karl Jenner:So it was just this fear. So that's when Canon C100 came out so I was very interested in that camera. And then working with other DPs, I know a good DP friend of mine, Tom [Gleason 00:06:58] Had a RED Epic at the time and he also had a RED One and we did a lot of early testing on just some VFX and we shot some stuff on his RED One. So I was very familiar with the RED format and the difficulties in the early days of the R3D Kodak. But you know, being a bit of a tech head, I could get around all that. And I helped a lot of other companies deal with their workflows with the RED camera. But the C100 was in my price range, but it was only 1080p had Canon log on the camera, which is again it was interesting but I could see that the world was moving to 4K pretty quickly and then you could get 4K out the C100 I think, but you had to buy an extra module. And that price-wise, that pushed it up into the RED Scarlet range.Karl Jenner:So I started to look at the Scarlet as my next camera. And I, being familiar with the Red Epic of Tom's camera, I just thought the Scarlet is probably the way to go. It had 4K native, it had R3D, which is really the major selling point of the RED camera. So I jumped into that and I bought a Scarlet and I had, all my lenses went with it. Because I had a lot of Canon lenses. So I just bought a camera mount for it and for about the same price as the fully kitted out C100, I bought a RED Scarlet at the time. But it was based on the MX sensor, it was a great sensor, at the time it was probably the best one around, but it aged pretty quickly.Karl Jenner:And so I shot with that camera for about two years and it's enabled me to get on bigger projects, bigger, more high end stuff, shooting more high end projects. So that enabled me to basically, that camera paid for itself. And once you're in the RED ecosystem, you can actually, RED will buy your camera back and offer an upgrade path. And I think their mantra is obsolete, obsoletion, obsolete or something like that. And so I jumped and bought the Epic, which still was an MX sensor, but enabled me to shoot 6K and had all the goodies on that. And it wasn't compromised in any way. So I jumped to that. And then about probably 18 months, I had that camera and then they had the Dragon sensor come out and that was a beautiful sensor and still probably one of my favorite kind of looks in the RED line as sensors go.Karl Jenner:And so I used a lot of my money from that camera to buy that sensor. So I've got a sensor upgrade on that, which wasn't cheap, it was about $20,000 I think Australian. So it was serious money. But the camera was paying for itself. So I was kind of at a break even point by then. And I had the dragon for a good two and a half years I think. And that was a work horse, that was a real workhorse. Loved the look of it, that was just a tank. It was a bomb proof camera. Went through everything with me. And then, I then jumped to Epic W, which is then based on the HELIUM sensor. Again, I would've probably stuck with the Dragon for a lot longer.Karl Jenner:But the new form factor and all the new goodies that we're going in. And that's where they were going. And they offered a very good upgrade path. So I jumped on that. And so currently I shoot with the HELIUM 8K, which is basically the 8K Weapon. And that's my current camera. I don't know if I'm a RED fan boy or anything, but I'd be pretty camera agnostic if someone shoved a good camera under my face, I would use it, and that. But you use what you can afford. And fortunately I worked my way up into that camera over about five years. And that's the tool I've got. And it's, for somebody starting out, it's way out of most people's price range. But if you did what I did, you just start small and just build up and build up. But my God, the iPhone now shoots amazing pictures. So you know you can have a good camera. It's in your pocket.Gareth Carr:Yeah. Now we, well you shot both our films in 8K. Do you think that that's the way the industry is going and where will this resolution battle or war, where will it end and you know, what's the advantages that you found with shooting 8K?Karl Jenner:Okay. 8K yeah. I think 8K is where it's all going to go because TV manufacturers need to sell TVs. From a broadcast point of view, 8K is probably a long, long way away from a lot of broadcasts, especially in the country like Australia where some of the cable channels are still on standard def. Because it's cost prohibitive just to get in to HD. But as an acquisition format and a future proof your work, 8K is probably a good place to be. The reason I chose to shoot 8K for our projects was two fold, one is, it maximizes the full width of the sensor on the camera without having to go to [inaudible 00:12:30]. Because the way that the RED camera works is that you can have multiple resolutions but it's a sensor crop when you start to lower the resolution.Karl Jenner:So if you got down to 6K or 4K, it crops in on the sensor so you lose a little bit of the width of the sensor. Potentially compromising ... You got all those pixels that you paid for so you might as well use them. So I shoot 8K 2:1 which on the RED camera it's Super 35 but it's actually a little bit larger than a super 35 sensor. So on any of my lenses, I just want to maximize the width of that sensor. And 8K 2:1 gives me the full sensor across, because we shot the films with looking at doing a 235 output because you know, more cinematic. I just put up the frame guys for 235 and we just shot and framed everything within those guides.Karl Jenner:And it gives us the ability then to in post, just to do reframes and move, give people more head room if you feel like it, or lower the head room and that. But I'm not frightened of the 8K workflow and that. In fact my system here that I use, is not particularly powerful. I've got a five year old iMac Pro, 5K iMac. And I've just got a normal spinning backup drives but with a fast rate because I use Final Cut Pro just use their proxy workflow. And I barely touched the actual full res files which just sit on my drive and I've just got the proxy files sitting on my hard drive and I don't really have any slow kind of paid playback or anything like that. I've never had a glitch.Karl Jenner:I get perfect editing speed and I've got effects and layers and all that sorta stuff that all plays back in real time. So the workflow is not an issue with these computers, even a five year old iMac. But the ability to reframe, maximize the width of the sensor just gives you more possibilities and stuff. And I love the RED R3D which is really its signature selling point to have that, to have the ability to go in and when you're on set just to ... Because we're moving so quickly, we don't have a lot of lights or equipment, so difficult lighting situations or shooting in very low light, I can just, I know how to use the tools on the camera. So I just look at my histogram on the camera. I can look at the, I've got a little, a short cut to look at the raw sensor data so I can see what the sensor's seeing and if I can see detail in there and I can double check that across with my histogram and my tools, I'm pretty confident that I've got exposure I can work with in post.Karl Jenner:So when it comes back to post I can with the R3D I'm not locked into ISO or any of that stuff, so I can change that to do shot matching from shot to shot. Because I'm flying around the ISOs all the time just to try and get exposure as I need. I don't kind of lock myself into an ISO like some DPS will just say, we'll shoot 800 and that's it, the whole. But once you're so quickly and I need to get a stop or two stops and I don't have time to change an ND or anything like that, all right. And I do want to shoot fairly wide open most of the time one, five to two, eight is usually where I'm living.Karl Jenner:Sometimes I have to use an ISO change just to get those extra stops of light that I need. And I know that I can go in back into the R3D and change all that data if I need to. And you know, it's worked so far, so I'm pretty happy with that. That's why I think I liked the RED camera, just that flexibility and that bit of a safety net.Gareth Carr:Yeah, that's awesome. And Guilt and Life After Man both looking incredible. And I'd say, do you have a favorite shot now that you've edited Guilt and it's almost at it's kind of screener stage, do you look back through and you've got like a favorite shot from the film?Karl Jenner:For me I like all when the camera's moving. I don't think I've got a particularly favorite shot because the nature of the films that we've made, we're just moving so quickly. So I kind of have an idea of how I want the shot to go. But usually it's almost like shooting cinema verite in like you're making a documentary, you've got your actors all kind of lined up And as a DP you're looking for, trying to create some three dimensionality in your shot with a bit of separation and not having a large crew or a truck with any real light control and stuff. So it's really just kind of placing your actors very quickly, looking through my viewfinder and trying to find the best kind of composition and how to move and how to move the lighting that we've got into position and then snap that shot and then moving onto the next.Karl Jenner:So every shot was in a way a little bit challenging because a lot of the locations we would just walk in and we've got to figure it out on the fly. And so I think overall I'm pleased with pretty much all the shots because thinking back on how we got them, there's always kind of a pleasure. And at the time when you're shooting it, you're thinking, oh, I hope this works. And then you get back in the edit suite and you look at and think, "Okay, that's pretty good, I'm really happy with the results." But anytime I can get the camera moving, especially on the gimbals or little cheats or whatever, like we did sitting on the back of your truck, driving at 60 kilometers an hour hanging out the window, and those shots kind of worked.Karl Jenner:They are kind of like, wow, that's actually, yeah, that actually is really good. We got away with something and a lot of people will never know how it was done and think, wow you must have had a techno crane or some weird piece of gear. But it was really just gaffer tape and muscle power that gets the shot. So, yeah. So, yeah, no particular shot, but I'm pleased with how all the shots kind of come out. In Life After Man, I think probably my favorite shot is the horse shot with the sunset. You know, bomb it along with a gimbal that's at that breaking point, hanging out the window with the sun dropping and looking in the viewfinder, I could barely see thinking, I hope this is in frame and everything just lined up at the right time and it works.Gareth Carr:That's good. That's an awesome shot. I love it. So what advice would you give to people who want to shoot their first feature film? I know you said about starting small with your cameras and working their way up, but what about conditions to avoid? Like what's the most difficult conditions you'd say to shoot in and to avoid writing them into your script?Karl Jenner:Probably would be like shooting in the rain because rain has it's own kind of problems. Not for the fact that you don't want to get your camera wet, but you can be shooting in the rain in one direction and you can't even see it. Because you have to backlight rain to really see it. And then you turn it around to get your other coverage and suddenly it's bombing down with rain and you can see it. And then so when you go back to the edit suite and you're cutting, it's raining in one shot and not in another, even though it was raining. So I think above all, I think the biggest advice for anybody starting out in making a feature is control. You know, keeping control, having control of your set. Especially if you're using outdoor locations.Karl Jenner:And making sure you get the permissions and all that sort of stuff to shoot because there's nothing worse and we've experienced it, you know, when your guerrilla-ing and stuff that someone's going to kick you out and you've spent half a day getting all these shots and suddenly you can't even finish it, the work that you set out because you can't get access again and stuff. So having control and knowing that you can go in and you can block, you can work with your actors and get the shots and walk away at the end of the day. So above all it's control. And that control might have to spend money to get that by hiring a location and stuff. But the other things is just preparation.Karl Jenner:I think the thing with Guilt, even though we've managed to make a film, we were so time poor and we were always racing and that, because we had constraints before going in. We had a script and the script could have done with a few more revisions and stuff because we couldn't get the actors together to give them the words and then you want to hear those words by actors and then you can make those little changes. And if you get that script down and then you get on set, everybody knows what they got and you're not sitting there debating a bunch of dialogue. Because all that stuff's been done and then so you can get on set and everybody's on the same page. But if you try to make it up, that's always fraught with danger because then you end up with big continuity problems. So proper preparation prevents piss poor performance. So we weren't particularly prepared and we really paid for it at the end.Karl Jenner:And we were as prepared as we could with the time that we would given. But I would have love a bit more prep. And the thing with guilt is that was only myself and the main lead, Janet finding locations before we shot. So literally we spent two weeks finding all the locations for the film. So by the time we even got to the film where we're already knackered just by that sheer workload. So having people that can find your locations and do all of that paperwork and get all those permissions. And it was really myself, Janet and Lindsey doing a lion's share of the work even before we got to the shoot. And Lindsey, you know, she was based in Melbourne so she couldn't help out in that department. So she was doing as much of the prep work, getting on the phone, giving us permissions, doing all that sort of stuff.Karl Jenner:And then I was doing, up here, doing all the leg work, finding locations, negotiating with people, things like that. So by the time you get to that first day of shooting, you're completely knackered and you need to be fresh as a daisy because once those cameras roll, it's if you're shooting a big block, it's ... For us we shot for 15 days pretty much straight and after 15 days you are completely floored. And so yeah, script. Get the script right and be properly prepared. Cameras are irrelevant at that point. Get a good camera obviously to shoot your piece. But that's, you get a good DP, actually, he should come with his camera and not worry about all of that stuff. So look at your script to break it down, work out your scenes, get your actors together, do a script read, then get to set and everybody is on the same page and prepared to work. Because I think a lot of people in with short films start out on that adventure of making a film and it just gets bogged down in detail and everybody loses sight of what the end goal is and everybody loses direction and it only becomes too hard.Karl Jenner:And you end up, people walk away and I think a lot of films are never finished because it does get hard. And that can all be eliminated in the beginning if you're prepared. And for anybody out there who's going to be a director or the writer, producer, director, you just got to have tenacity and you got to fight every day to get your script done and stuff. But at the end of the day, it's worth it because I forget about all the pain now. I remember from your film, how many days we spend freezing cold on that farm. And it's worth it at the end of the day. It's like, you look at the fruits of your labor and you look it up on screen and you forget how you did it. In fact, I think I look at 80 and 90% of it thinking, I don't remember shooting that stuff. And that's what makes it worthwhile because then you just become an audience member and you can watch it.Gareth Carr:That's it. Sit back and enjoy the fruits of your labor. Yeah.Karl Jenner:That's it. And knowing that you've done it, it's just that sense of accomplishment because I think a lot of people want to go make a movie, but a lot of people don't even try because one, because a lot of people tell them it's too hard and you'll never succeed. And the other is that they do try, but they don't realize the burden or the amount of work that they're going to have to do. And that puts them off and stuff. But if you really want to do it, you'll do it and you'll do anything to do it. but it is worthwhile at the end of the day, even though you'd probably be poor at the end of it.Gareth Carr:That's it. You'll have no money but it's worth it. No, it's great. Such good advice. So where do you see now the future of cinema heading? I know we had 3D a couple of years back that seems to have died its death now, and then you've got kind of your 360 and AR now. Do you think that's going to take over or do you think the way cinema is, is it's here to stay?Karl Jenner:I think, personally I don't think you can beat the current cinema experience. I think 360 has its place, but I don't think it's an entertainment platform. I was involved not so long ago in doing some 360 tests for narrative with some good friends of mine. I was actually a little bit cranky and stuff because we've been talking about making films for so long and then 360 comes up and it's, oh we'll do 360 and I'm like kind of saying we just spent five years solving all the other problems. So now we've got all the cameras, I've got all the gear, we've got everything, we should be making a film and now you want to go solve a whole another set of problems, you know?Karl Jenner:And I said, let someone else figure that out. And I can't, personally don't want to sit in a room with a big headset on to have watch this movie. I think it'd be great as an experience. Just to go in, especially if it's like a good ghost story, a short film or whatever. But I don't think as a filmmaker I want to have people sit in a cinema and then look all around the room. As a filmmaker you want to ... But I've put something over there, there's the clue and then you've got somebody's looking at the back of the room because, that looks interesting. But I did read some statistics with 360 and it was like the first, and these were videos that were on YouTube and you can look at the analytics and this is why I'm always having these big discussions about doing 360. And it kind of transpired that it was usually the first 30 seconds people would look around, and then their vision would be usually where we watch movies because the experience was over and stuff.Karl Jenner:So they started to watch the movie where it was supposed to be. So it's like, but you went to all this effort to make this 360 movie. But the other issue with 360 movies are, where do you put the lights? Where do you put the crew? Everybody has to hide behind trees or duck behind cars. And you know, it's just like, no, no. 3D's again interesting, again an experience kind of movie. I think it's great for animation and things like that. 3D movies don't make me sick at all so I can put the goggles on and watch it and it doesn't bother me. So I can enjoy a good 3D movie and that. But going for, that's for high end productions. You got to have the dollars to do it.Karl Jenner:And most movies now aren't shot in 3D, they shoot with just one camera and they just dimensionalize them after the fact and stuff. I have been involved in doing some early 3D testing and things like that. And I've got some very good friends, Alpha geeks that worked on that stuff. And Yeah. But again, died a death, because I think people just want to go to the movies, pay their 10 bucks or 15 bucks, have that popcorn and just enjoy something and just be transported somewhere else and stuff. So yeah, putting on the headset and it kind of isolates you from the person next to you as well if you're wearing a big headset. So.Gareth Carr:Yeah, you might as well just sit at home-Karl Jenner:Sit at home.Gareth Carr:... and do that.Karl Jenner:Yeah. Yeah. So yeah, I think the way we're shooting movies now, even high frame rates, I don't like high frame rates. I think 24 looks really nice. There's a big push to have all those TVs, the DPS from Hollywood all want those TV's to come with the default off of that super smooth motion they stick on the TVs because it makes your work look like a soap opera. So, yeah. So anyway, maybe I'm a traditionalist, but-Gareth Carr:No, no, I'm with you on this one. I like it, yeah. I like what you're saying. [crosstalk 00:30:52].Karl Jenner:... But also from a post side of view, I don't want to rendering out 24 frames at high res it takes a long time, I don't want to do 48.Gareth Carr:I know. Right? Listen, this has been awesome Karl. Like I hope this has inspired people to just get out there and make their feature and you don't have to have a RED, do you, to shoot a movie.Karl Jenner:No, right. There's some amazing, very cheap cameras out there that just cut your teeth on something that's achievable and eventually all that stuff will become available as you progress as a filmmaker. People want to work with you and all that high end gear will naturally kind of come with it. But at the end of the day, you can give someone a RED camera or an Arial or something like that and they can still make it look bad. So the camera doesn't mean a thing. I know it's cliche and when you own a camera, big camera and saying, Oh, you've just got to use the camera because everybody craving for that new, big toy. But yeah, essentially at the end of the day most of these lower end cameras, sub $5,000 cameras and make amazing images like your little black magic pocket cinema cameras, just that's an amazing camera .for less than $2,000 you can shoot a feature on that no problem. RED cameras and Alexis and things, they come with a whole life support team because you're just going to have so much stuff on them. You can make them lightweight, but you know when we're shooting, you so often, I don't have a big set up, but that was still heavy and to lug that around all day. So yeah, shoot with what you have, make good films. That's the way to do it.Gareth Carr:So listen, where can people see more of your work and see your back catalog of stuff that's brought you to this point?Karl Jenner:I don't really have a big social media presence, but just go to karljenner.net and that's my DP site. You can see some of the stuff and some of the shorts on there. A lot of my stuff is client work never really ever sees the light of day. And I'm on a Instagram as @karljenner66, @karljenner66. That's how much I use it.Gareth Carr:Well there you go. Check all those out and hopefully-Karl Jenner:I'm getting better.Gareth Carr:Yeah, you're getting followers. Well, after this you never know, you might get a couple more followers. We'll see.Karl Jenner:I might get 10.Gareth Carr:But no, this has been awesome. Like I've loved hearing about your story and the process that you go through to shoot and like I'm just blown away with how Life After Man looks and I think it's probably going to be like one of the best looking zombie movies of all time and I can't wait to see how Guilt goes and the journey.Karl Jenner:Yeah. I've basically just got the screener ready and the Looking really good. I spent the afternoon painting out logos. The tedious work that you end up doing. That's why I always say to people, you always start out with like two people, three people with an idea and then you ramp up to your shooting and you might have 20 or 30 people and then eventually one day it's you in a room by yourself. And it becomes a labor of love. And I'm a perfectionist and bit of a pixel peeper. So I'll go in there and fix stuff that I probably don't even need to fix, but it annoys me. So I want to fix it. But yeah. But the film's looking really, really good and the story-wise and everything came together and I haven't even done the grade yet or we haven't got a sound mix or anything like that.Karl Jenner:And I'm really, really happy and super proud of everybody that worked on it. And it was a bit of a journey to get there, but we got there in the end and I think when people see it, they'll actually be quite surprised because when you're shooting a film, it doesn't look like a film, you know? And I've always said that's one of the reasons I love to operate as a DP because when I look through the lens, I actually get to see the movie. It's extraneous of all the other things that are around, you don't see any lights stands, you don't see any other people standing around. And that I just look at the lens and look at the actors and once you get a good performance and you know it in your eye that you can see it happening and you know, you've got some good stuff and you'd just piece together the film in your head.Karl Jenner:And that's the same with Guilt. And same with Life After Man. I could see everything as I'm shooting it and stuff. So I knew when the edit came together exactly how it would look and how it would feel. And it's once you get into the grade and you start to really craft it and that's a bit I like as well is just crafting your movie and eventually you can sit back and it looks amazing and sounds amazing and you're chuffed to bits that you've actually gone ahead and done it and stuff. So. But yeah, I'm super happy. With your crew, I think life After Man, it felt like a little family, when we were tucked away on the farms and all the right remote areas and things like that we were filming in. And we had all these animals and horses and all those things and you really bond as filmmakers and I always think in my mind, it's just a bunch of crazy, crazy filmmakers in the middle of nowhere trying to make this film, and everybody else would be laughing at you for doing it, but you get a kick out of doing it because it's fun. And it's fun and it's tough, but it's well worth it. And that sense of camaraderie and everybody on the same trajectory and it's inspiring to see.Gareth Carr:Yeah. I feel like it's not just the movie, it's the journey that the people that you go on the journey with that makes it, makes the experience what it is.Karl Jenner:I always find, yeah, that first day that everybody meets, no one really knows each other and by the end of the journey you're all like best buddies. Or people that, they'd ring you up and say, "Hey, can you come and help me on my thing?" And you go, "Yeah, absolutely. I'll be there in a heartbeat," because they've shed blood for you kind of thing and then so you're willing to go to bat for them and they need you. And that this kind of level, where you do rely on a lot of favors and people giving up time and going out of their way and stuff. And you could use that going back to preparation for other people's films, just be mindful of people's time and try and schedule around that and stuff.Karl Jenner:Because the last thing you want is to piss your people off and just be mindful of all of that. Yeah, and you'll find the end of that journey you'll end up with some good relationships and then those people might get a really good gig and then bring you along with them. And that's how it all works. So, you never know. So the industry's too small to really piss people off.Gareth Carr:Yeah, definitely.Karl Jenner:Yeah.Gareth Carr:Well Karl, listen, this has been so good. And I hope everybody's taken a lot of information out of it and yeah, hopefully you all go on and just have the confidence to shoot your own films. So Karl, thank you very much.Karl Jenner:No worries. Pleasure.Gareth Carr:All right. Cheers mate.Karl Jenner:All right. See you.

Let's face it, living together before marriage is the new norm. Right? Listen to how we made it through our shacking up period; BEFORE he put a ring on it!

Have you ever wondered how you would handle unexpected situations? How would you handle having a cow in your backyard? Unexpected. Right? Listen in as Mill PONDcasters unveil an udderly cowtastic tail!

Spider-Man makes another appearance and this time time it’s based on the 1994 animated series. So with such an iconic part of my childhood as the basis, this game has to be good? Right?Listen in as Matt Gardner from Floating Hands Studios and writer of the comic Alabaster Shadows comes on the show to take a look at this SNES and Genesis take on our favorite wall crawler.Learn such things as: How different can the same game be on different systems? Is this the best Spider-Man game we’ve looked at so far? Has Chris watched Batman the Animated Series yet? And much more! WE HAVE A PATREON NOW! Check that out or head over to the Support page if you want to go another route.You can also check out the Play Comics Merch Store, or the Ninja Penguin Pods Store if you want to see things for all of our shows.You can find Play Comics @playcomicscast on Twitter and in the Play Comics Podcast Fan Group on Facebook.You can find Matt over at @wogoat, his YouTube channel Floating Hands Studios, or the page for his comic Alabaster Shadows.Thanks to Chris and Yancy from Pop Goes Your World for that sweet sweet intro drop.A big thanks to Joe and Carlos from Life, Death, and Taxonomy as well as Toph from Gravity Beard for the promos today.Music by Best Day, who needs to live closer to me so we can go hang out.

In today's episode of The Art of Passive Income—Round Table edition, Mark is joined by: Tate Litchfield Mike Zaino Erik Peterson Mimi Schmidt Aaron Williams Scott Todd Today, the panel analyzes a question coming from the Facebook Group: When do you lower and how do you determine the price when there is a big price range difference for comps? That brings us back to last week's discussion on marketing and listening to what the market is telling you through the response rates. The group goes deep into: When and IF you should lower the price Testing the market by raising and lowering the price How much should you lower it Using “special deals” Anchoring And, so much more! Listen in as they all give great advice and share their own strategies for getting the price right. When a lot of people start off buying and selling land, they want to sell the property and that's always the biggest hurdle to overcome. People freak out when they put their ads out there and advertise it but they're not selling the property. Maybe some people are asking questions about it, they're inquiring to some degree but no one is pulling the trigger to buy it. So, it's really easy to feel like you didn't price it right. But ultimately, it's just about bringing enough potential buyers to see your ad. It takes somewhere around 50 leads to sell a property. If you've achieved that and you still don't have a sell, them maybe its alright to start lowering the price. You should have plenty of room to do that if you bought the property right. -Erik Resources Mentioned: 10bii Financial Calculator TIP OF THE WEEK Erik: Check out the coaches recommended reading list at TheLandGeek.com/ReadingList.  Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Sheldon shares the details of his interview with legendary Jim Rogers with Bob. Jim predicts that the next crisis is going to be the worst crisis in any of our lifetimes. If you cry wolf enough times, you will eventually be right. Right? Listen in and see where your financial POV falls on the spectrum of amazing things ahead versus end of the financial world.

steve larsen: All right everybody, hey. I'm super excited for today. This is the first interview that I've actually done on, Sales Funnel Radio. It's actually one of the main reasons that I started this podcast. There's so many cool, silent, unspoken entrepreneurial heroes out there. I really, I just wanted to go expose a lot of those stories and share with you guys how possible it is to make a profitable sales funnel. Today, I have, actually one of my good friends, Ben Wilson, on the phone here recording. Ben and I actually have quite a history together. I'd say that I first got into sales funnels online with him, doing products with him. Anyway, I'm excited. We want to go through our story a little bit and share with you guys things you guys can do in your own business. Ben, how's it going? ben wilson: Absolutely good, man. Great to be here. steve larsen: Awesome, awesome. I was thinking back to the time when you and I first met. That was ... We were in college, that was back, what class was that? ben wilson: I think we were probably, Marketing 101, something wasting our time. steve larsen: Yeah. ben wilson: I remember leaning over and you were looking at Stripe, and I was like, "Most kids aren't looking at Stripe in class. Why is this kid looking at Stripe?" Then I leaned over and I was like, "Hey man, we should totally set up an API for you. We could get that going." You're like, "What do you know about Stripe?" I was like, "Yeah, man, I've set up Stripe." That was the start. steve larsen: That was the start right there. I remember I was making an e-book. ben wilson: Yeah. steve larsen: Yeah. That was my first attempt ever at making a landing page on WordPress, and I had spent two days trying to get this stupid theme to do what I wanted it to do. Yeah. That was funny. That project, I think I've sold two copies of that thing. It's on Amazon. ben wilson: That was a good book though. steve larsen: How did we get together after that though? What did we do? I actually can't remember. I just remember... ben wilson: I think we started bouncing ideas off as to what had done in the past. You started sharing to me about, I don't think you called it funnels at the time, you really started looking at affiliate marketing, and how to push products online without necessarily being attached. I think, I don't know if it was a clash, or some type of beautiful art piece. I always got attached, like, "Well, we have to brand it. We have to be attached to some level at what we're doing." You're like, "It doesn't matter what it is. Let's do it and we're moving forward." Just like a rubber band. Sometimes we'd have the snap, but the snap wasn't a bad thing. The snap was like, okay, I'll give up that I don't have to be that attached. You're like, "Okay, we can kind of brand it," and something would actually happen. Then we convinced our teachers. steve larsen: Yeah, yeah, yeah. ben wilson: I was describing this to someone yesterday. We convinced our teachers that what we were doing was a lot more beneficial. steve larsen: Than in class. ben wilson: Yes! steve larsen: I remember that. That was our internet marketing class itself, man. ben wilson: We missed ... I mean, we convinced several teachers... steve larsen: To not go to class anymore. ben wilson: To [call up the class 00:03:52] the class, and they're ... Oh man. I can't believe we actually pulled that off. steve larsen: Me neither. I was thinking about it. We drew up that plan. We got in our internet marketing and they were doing that stupid, SEO old school stuff. We both wanted to shoot ourselves. I noticed you were the other kid in the class that was just pounding their head on the wall. Like, "Oh this crap is so old. It doesn't work." ben wilson: Yes. I remember they were trying to teach WordPress, and they were like, "How do you do such and such?" I was like, every answer, both of us just raising our hands. steve larsen: Yeah. ben wilson: I was like, "Do we really have to sit here the entire time and build you a website? Can't we go build ourselves a website?" steve larsen: Yeah. That's funny. Then we wrote up that plan. It was basically a flow chart for pages. ben wilson: Yes! steve larsen: He said, "Yeah, go for it. Just bring a deliverable." Then we started meeting every morning for two or three hours. Way more than the other kids in class were doing it. I remember we made that first affiliate product. I think it was, Click Bank. Right? ben wilson: [inaudible 00:05:00] was it? Was our first one the weight loss supplements? steve larsen: It was something like ... No, no, it was the social media producer thing. We put a landing page together using some guys weird generator and put 50 bucks on it and woke up the next morning, saw that 50 bucks had come back, and I was like, "Holy crap! We didn't lose money!" We got 17 people to opt in, and we sold it. ben wilson: I was so stoked the moment we didn't lose money. That was the first accomplishments of, like, no way! steve larsen: How did we get with Paul Mitchell after that though? ben wilson: I think he was assigned to our class, and I had to go over ... steve larsen: That's right, you closed him. ben wilson: He was trying to do something with Facebook, and I noticed he had a lot more other issues than trying to do Facebook advertising through our class. Then we had an assignment that was to get 10 people to fill out the survey. You and I looked at each other like, "We could get a lot more than 10 people, but I'm not calling anyone." Right? Let's think hard of a way to get a lot more people. I think there ended up being, was there 1100 people we got to take the survey? steve larsen: Yeah. Everyone else got 100 or something. ben wilson: Yeah. I think they called their 10 people. steve larsen: Yep. ben wilson: Yeah. steve larsen: That was hilarious. Then we started driving traffic for them. Which, I can't believe we did that. Oh, and then the [Arhenis 00:06:32] Project. ben wilson: Arhenis. You and I were out for what, 72 hours straight building a website, and then come to find out, the guy didn't even mention his website that we had built for him after being asked by him to build this website. steve larsen: Gosh, that whole thing was so weird. ben wilson: We were like, "There's a million people watching right now, and the only way you're going to further your career is by sending people to this website, and you got 2 hours to do it." We sat, I sat, we sat there and even Paul Mitchell watching. They're like, "Okay, any time now, any time now." steve larsen: Mention, just say the URL, just say, and he never did. ben wilson: We're like, "We do not have to run any type of funnels. If you just by chance mention this email address that you paid $1800 for, if you could just mention it once." steve larsen: It would be great. Those of you who are listening, Paul Mitchell asked us to come build out ... They basically said, "Hey, we're getting on tv in 2 days, we need a website people can go to, and we need a lead capture system and all this stuff." This was ... Just mapping the same time, this was when ClickFunnels was still in beta. It was a while ago. It was way longer than that ago. Man, how long ago was that? That was 2 or 3 years ago now wasn't it? ben wilson: We're coming up on ... I mean, it's been 18 months since I graduated, and that was before my last semester. Yeah, at least 2 years. steve larsen: Yeah, yeah. Paul Mitchell, they hired us ... I think we're okay. I'm going to say names. This is a while ago now. They wouldn't pay us, and this is what I love about Ben. Ben looked over at me, and I can't remember the exact phrase. You know, I won't say the phrase he said, but you had this crazy look in your eye. You're like, "Dude, I'm going to go put one period in their code." I was like, "What?" I remember just watching you, and we were in the library on campus. You opened up the back end code, and you put one period in their PHP, in their code, and it white screened the entire website. I was like, "This kids a cowboy. This is awesome!" ben wilson: Like, that's it. Your website's done. You're not paying us, you don't get our benefit. Then, we set out to make Beauty School Index. steve larsen: Yeah. ben wilson: Do you remember that? steve larsen: Yeah. ben wilson: We were like, "We're just going to just give out free leads to every other beauty school for free, and not Paul Mitchell." steve larsen: We scraped 100, what was it like, 1,000 email addresses for them? ben wilson: A thousand email addresses. We ran a campaign to get beauty schools on board with us of how we were going to give them free leads. Our open rate was through the roof. steve larsen: We did a 77% open rate. ben wilson: Yeah, and we had a really big return. We asked people to fill out questions. I don't even remember the questions. I remember you coming back and being like, "We got to get them involved and we need their feedback. That way they're contributing and they're loyal to whatever we're going to do for them. That way they value the leads that we give them." I think one of them was, How is it, or what are you struggling with and how can we help you? steve larsen: Yeah. ben wilson: That's everything we have been doing, and everything I do now always stem from that question that you ask them. We've got to provide a value, so if we listen to them, they're a lot more loyal. We're like, if that's what you want, let's give it to you. steve larsen: Yeah, yeah, yeah. ben wilson: It started from there, and then I moved to Colorado, and it seemed out of sight and out of mind. That's where my life got dark Steven. No longer with you. steve larsen: I got obsessed with sales funnels at that time, and I started dueling for different companies in the area. That was good times man. Talk about a walk down memory lane there. That's awesome. Now you, I mean, it's funny. I can't remember, you sent a message over to [inaudible 00:11:04], would you look at this site. I was wondering if you could just tell everyone who's listening right now a little bit about your website, and what is it you do, and how you came about with that. It's pretty genius. At first, it was like, I had never heard of it, and then you were like, "Oh I have 2,000 subscribers a week later." Oh, now we've made a butt load of money already and not spend a dollar on ads. It's like, what the heck. I thought it would be kind of cool if you want, this is totally your brag moment. Just tell what happened. ben wilson: No, you're good. It's similar, I guess backtrack a bit. Steven and I also once ... Remember when we launcHed [SWOG 00:11:38]? Some of it stemmed from that. There's this new concept of Trilify stemmed from what we were doing at SWOG when you and I came up with a business, entered into a business competition, and we've really been doing it for a week and half. A lot of it was just driving traffic and getting, running people through a certain type of funnel which is so funny because it wasn't ... Neither of us knew what ClickFunnels, at least I didn't and I didn't never think of it necessarily like ClickFunnels, but everything at the time was exactly what is going on at ClickFunnels. We were running people through a certain cycle getting a certain amount of information each time. That way there was creating this loyalty. Similar process as to what you and I were doing with SWOG, is running through certain sales cycles. The concept is only running through affiliates. Affiliates, typically there is the affiliate program that you send out, and anyone can join and sign up. steve larsen: Mm-hmm (affirmative)- ben wilson: Where as, what we're doing is approaching... steve larsen: Like, specific ones? ben wilson: Very specific people who have followers already. Right? When they send out a tweet, they've already gained a genuine sincere following. We don't have to worry about traffic when they send out tweets, or a Facebook post, or making a YouTube video, or anything of that nature because they already have the followers. There's a certain amount of followers that we're trying to gather as well as a certain age group of people who haven't done affiliate marketing, they're not seeking to only do affiliate marketing. We're looking at it at a more of a, how do we provide value to them? They don't recognize how much value they can provide. Millennials are a perfect target because a lot of them are seeking more fame and if they can get fame and money without having to go through the typical college and Corporate America, and they can continue doing and being famous, even it's to several thousand people, they still consider themselves like a taste-maker. We look at those people, try to run some ways of how can we provide value. A lot of it is creating a brand for them or running through certain memorabilia designs that they don't have to worry about their backend. It's like an agency coming to a talent and saying, you keep doing you, and send people to your new "Websites." This is what's going to drive a lot of traffic. We just launched on June 9th. steve larsen: Just a month ago? ben wilson: Just a month ago. Came up with a concept and 3 weeks later we just threw together a Shopify because we didn't have to deal with PCI compliance. steve larsen: Sure, sure. ben wilson: Or any of the other reasons of our design. Easily threw it together, found a bunch of products that we could have drop shipped that looked pretty cool that we didn't have to necessarily have any products on hand. We weren't going to lose out on any up-front costs. It was simply, "Hey, it's brand new. It's going to take 3 weeks to get to you, and we're sending it to you from our Chinese suppliers." steve larsen: Right. ben wilson: Which was the beauty behind it. Suddenly everyone didn't have to care about Trilify, they cared about the person, and the person who had a brand within Trilify. steve larsen: You effectively have gone, and you created an e-commerce store, based around clothing that is totally outsourced to China? ben wilson: Completely. steve larsen: That's amazing, dude. ben wilson: Completely. We've got no products on hand, and we don't have any storage cost. We're not shipping anything, we're not wasting our time. steve larsen: So it's a huge drop ship operation basically? ben wilson: Completely. Now, we could definitely make a lot more money per product if we were to buy upfront. However, we also had, we wanted to come out with a hundred products and then start narrowing down, and then selecting which products are being purchased and obviously moving forward looking at finding a new fulfillment service that we could buy in bulk and then have someone else fulfill it. We're run ... We'll scale it as it needs to be but, we had a hypothesis of how much traffic would come, and our traffic was a lot more than we thought we had. We ended up doing 50,000 by the end of the month. steve larsen: 50,000 people? ben wilson: 50,000 people off of 1 tweet and 1 Instagram post. That was simply it. steve larsen: Wow. ben wilson: From there, all we were doing was, we needed ways to capture peoples information, filled up a MailChimp account within a week. That was when I called you. I didn't actually ever run into that issue before of not necessarily ... We had a lot of names before, we had a lot of information. We just had it on hand and we had scraped it and stuff. steve larsen: Right. ben wilson: More so of, I've got to now start dumping names out of this because I'm not, I don't want to start paying for MailChimp quite yet. steve larsen: Right. ben wilson: I was just exporting names so that I could continuing running a map free account. We're up to 10,000 names at the moment of emails, of people who've opted in. steve larsen: 10,000? Dude, a few weeks ago, you were like, "Dude, we're already at 2,000 subscribers." You've grabbed 8 more thousand subscribers in the past 2 weeks, or whatever? ben wilson: Correct, yeah. steve larsen: Oh my gosh. Man, that's amazing. Okay, so you're "attracting," people through authority figures. Pulling them in and then ... What's causing someone to subscribe? ben wilson: We want all of our, I'm going to call them a brand ambassador, that's probably the best way to say it. We want all of our brand ambassadors to take ownership of what they're doing. That way it's not a 26 year old guy behind the computer who's actually running. I got 2 other guys that are running this with me, and one's in production, and the other is an actual talent agent so it's a lot easier to contact a lot of these people because he's got the experience. steve larsen: Right. ben wilson: He knows what to say. We run through and have all of them take full ownership. This is something that they created, therefore, when they send people over to the sites, and there's this taste of that person. Right? This goes back to that branding. It's got to be branded. steve larsen: Right. ben wilson: Everything comes back to how this person is perceived by their audience and not how they think they are perceived. steve larsen: Interesting. ben wilson: It might be a little confusing so we look at, what is this person actually wearing in their posts? What is that they are into? Then, find similar pictures that we can gather to create the same aura, so it's another, on the social media means to finding more information about this person, or how this person that they already admire, that they can further their knowledge of someone that they look up to. That's kind of the approach behind it. steve larsen: You go and you ... What are you asking for, I guess what are you giving for someone to subscribe. You know what I mean? What's causing them to subscribe. From the 50,000 that have hit so far, I'm sure it's way more than that now and 10,000 subscribe, what's causing them to do that? Just to follow you? ben wilson: Literally, yeah. 10% off, and it says something quirky that probably a millennial would be really attracted to. Right? They're looking at this thinking, "This person I admire who's 18 years old, what's their lingo?" The lingo that pops up right away is, we've got an A/B split test. One of them is, "Let's be BFF's. Sign up here and we'll shoot you a 10% off discount on your purchase." The other one, a little more risque, but I like it. Which is working is, it pops up and says, "Let's be friends with benefits." It also has a 10% off discount. That one is killing it. steve larsen: These people are signing up for a 10% discount. That's not only saying, A: Follow us and we'll give you cool stuff. A 10% discount is implying that they're going to make a purchase in the future obviously, very near future. You're really knocking out more than one bird with the same stone. That's amazing. ben wilson: Yeah. They've all got on a drip campaign. We've got a ... Shopify is really nice, and I know ClickFunnels does a lot of similar things where you can do other affiliates, or similar products, or similar brands, and you can keep sending people to where they want to go. Right? Listen to where people want, follow their clicks, understand your analytics. We set up cross sales and up-sales where people are purchasing certain products with, and they're looking at other products. steve larsen: Right. ben wilson: Everything is an up-sale and that's really where we're making a lot of headway is it's all in the up-seller, it's moving people through a funnel. steve larsen: Yep. ben wilson: If they have a ... In a cart, we send out an abandoned cart. If they didn't do it from there, I would figure out what products that they had. All of this, there's a lot of programs out there that can help you understand what your customers want, and you just have to listen and find out ways to remind them as to what they came for initially. steve larsen: Absolutely. There's a, I can't remember if it's called the secret formula or what Russell Brunson calls it, but he said, "Basically all you need to do is find a raving niche who is willing and able to make purchases and then just give them that thing." It's as simple as that. It's not that hard, especially online. You create these virtual pieces of real estate and they just work for you. That's amazing. Do you mind, if I ask sales? Things like that, like numbers? ben wilson: Yeah, go for it. steve larsen: Of the people that are coming in, what percent are opting in right now? ben wilson: Percentage wise, it's low. steve larsen: Okay. ben wilson: Which is the humble pie I'm eating at the moment. I know it should be a lot better. We've had ... Dealing with Chinese manufacturers is a lot more time consuming than I initially thought. That's where I've got a lot of time. In this regard, out of ... Boy, percentage is dramatically low. If we've had 10,000 people who have opted in, we've had 50,000 to the site. steve larsen: So, 20%? ben wilson: 20% which... steve larsen: That's awesome. ben wilson: That should be better, Steven. steve larsen: I mean, it should be, but when you think about other industries and ... People get stoked. Most people have a 5% off on their rate, 20% is crushing it dude. I mean that really is awesome. ben wilson: I appreciate the lift up, I need that. Definitely, I know ... You know when you are doing something, and you're like, man, there's so much more I could be doing? steve larsen: Yes. ben wilson: That's I guess where the justification comes from. Definitely, 20%'s a good number in looking at what the [inaudible 00:24:13] rate is, but it's always that inner feeling. You've definitely got to trust that movement of flight. I could be doing more to convert. steve larsen: How many customers, purchasing customers have you had? ben wilson: We've had 175 as of yesterday. steve larsen: 175 customers purchased ... I'm pulling out my calculator on the phone because my brain doesn't do all those numbers. ben wilson: That's okay. steve larsen: Here we go. That's awesome. From all the subscribers, the people that actually do subscribe, you have about a 2% conversion rate. That's good. ben wilson: Yeah. steve larsen: I know you look at it and say, we need to do better, but you're not even paying for traffic, man. That's amazing. That's what blows my mind about this. You have a 10,000 person list. I mean, you go drop an email to those people, 2% go and purchase, and you make all this money on the backend also after you acquire the customer. That's amazing. ben wilson: I appreciate it. Yeah. We're starting to run some more campaigns on testing single products as oppose to just sending people to the whole store itself. steve larsen: Yeah. ben wilson: Which we're really excited about launching. We've got something coming out this Thursday, which is more of this memorabilia take on the individual, like you would going to a concert. Right? steve larsen: Right. ben wilson: We're testing out the single product that's more branded and specifically to the person with their name on it. We're excited to see if that changes anything. If the name now suddenly on the clothing as oppose to just similar items of clothing that the person wears. steve larsen: Yeah. ben wilson: We may have to do a round 2, Steven. steve larsen: Yeah. ben wilson: Thursday. steve larsen: That would be awesome. That would be awesome. It's trilify.com, right? ben wilson: Trilify with one L. T-R-I-L-I-F-Y. steve larsen: Okay. ben wilson: .com. steve larsen: Trilify.com. ben wilson: At the moment it's just at an MVP. It's just testing out for our, I guess our test run of an individual person, and then we've got a lot more affiliates in the pipeline who are watching what we're doing. We're keeping them up-to-date as to how we're doing it, and that gets them excited. They can see that we, that their influence is going to provide them with a lot more sustainable of a future with the amount of followers and they can continue doing what they love doing with us basically running the show. steve larsen: Yeah. ben wilson: Yeah. steve larsen: That's amazing. I'm looking at the site right now. I mean, this is fantastic. It looks really good. Yeah, definitely applies to or appeals to millennials and what they love and stuff also. Do you know what the average cart value is for someone who purchases? ben wilson: We're running an average of $40 a purchase. steve larsen: Oh my gosh. That's so cool. ben wilson: Our hypothesis, or our reasoning I guess, within our justification of why we think it's 40 is we set free shipping at $35. steve larsen: Okay. ben wilson: Which is pretty low, but yet again, our average purchase is $40. We think a lot of people are taking advantage. We're going to start creeping that number up and seeing if that actually changes and test the hypothesis that, that is the reason why the average is up. I mean, it can really only benefit us if we can average each purchase to $45 or even 50 and start seeing if that's going to move any further purchases. steve larsen: That's awesome. That'd be an interesting split test and this is super cool. I just want to recap just in case, because I get close to projects and I forget the coolness of them or something like that. You got 50,000 people by asking 2 people to drop a tweet and something else, right? ben wilson: The same person. steve larsen: The same person? You're out there tweeting people. ben wilson: An Instagram post, yeah. steve larsen: 10,000 opt in, you get a 175 purchase, average cart value of 40 bucks, so you've pulled around 7 grand for this thing and you haven't paid a dime in advertising. This is the classic awesome story. It's cool. ben wilson: I appreciate that. We're excited. we're testing each social media to see what kind of pull. Learning Instagram, at least of what we've seen is that there's not as much traffic. We've got a speculation it's because there isn't a link. Sometimes, or link in each picture. It's in the bio. Then at the same time, we also figured out that there isn't as much text that goes below. If you're describing the pictures that you have posted, we've learned put it in the first sentence, in the first line if you're going to try to get someone to do something. Below that, they typically won't see it in their feed. Twitter has driven most of our traffic which was more surprising than we initially thought. We're excited to, like I said, we're also dropping a vine and a YouTube to see how that affects our traffic as well. steve larsen: That's awesome. Hey, I don't want to take all your time. I just want to thank you for this. This is fantastic. Guys, this is Ben Wilson. After one month, one month! People try forever to get profitable, and after one month he's got this awesome result and awesome site. I guess, where can people head? It's trilify.com. Go ahead and opt in and you can see his sales process. Ben, I want to thank you for this. This has been awesome. ben wilson: Absolutely, man. Glad I could come chat and reminisce about the good ole times, man. Definitely miss those time for sure. steve larsen: I look forward to seeing your face all over The Wall Street Journal, soon. ben wilson: It'll be the millennial Journal. steve larsen: Awesome, man. Thanks so much. We'll talk to you later. ben wilson: Absolutely, dude. Bye.

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