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2 episodes with that apple
2 episodes with that apple
Less than 24 hours after Apple's “Scary Fast”, MacVoices Live! convened the panel of Chuck Joiner, David Ginsburg, Jim Rea, Eric Bolden, Patrice Brend'amour, Ben Roethig, Jeff Gamet, Mark Fuccio and Kelly Guimont. The discussion starts with the presentation aspects of the event, then turns to the new iMac powered by an M3 processor and its consumers focus, returning to the iMac's original roots. That Apple's most powerful machines are now laptops is considered, as are the alternatives for those who want more, larger screen options. Screen resolution is debated, and the implications of the event being shot entirely on an iPhone 15 Pro Max were examined. (Part 1) Today's MacVoices is supported by MacVoices Featured Gear. Get more done with your tech, like the OWC Thunderbolt Hub. No matter which Mac you have, you can always use more connectivity, and the OWC Thunderbolt Hub delivers. Get the details and link at MacVoices.com/FeaturedGear. Show Notes: Chapters: 0:00:00 Apple's Scary Fest Event: A Recap0:13:59 Leaving the Audience Wanting More0:16:36 Ben's Technical Difficulties and Apple's Impressive iPhone Video0:19:07 Apple's Push for Professional Filmmaking on iPhone0:21:04 Debunking Expectations of iPhone Camera Quality0:26:21 The Power of the M3 Processor in iMac0:27:56 Different machines and the power of laptops0:29:30 Research results on 5K iMac availability and display quality0:31:36 The role of iMac in modern computing landscape0:34:04 The market for iMac and its primary functions Guests: Eric Bolden is into macOS, plants, sci-fi, food, and is a rural internet supporter. You can connect with him on Twitter, by email at embolden@mac.com, on Mastodon at @eabolden@techhub.social, and on his blog, Trending At Work. Patrice Brend'amour is the creator, advocate and Product Manager of a global healthcare software initiative, which is not only pushing the industry to provide user-centered solutions using the latest advances in UX and technology, but also advancing the sharing of medical information between healthcare providers across the world. She is also an avid podcaster, mainly in the technology space, as well as a maintainer and contributor to a number of open source projects. Everything she does can be linked to from The Patrice, You can follow her on Twitter, and engage with her on the podcast, Foodie Flashback. Mark Fuccio is actively involved in high tech startup companies, both as a principle at piqsure.com, or as a marketing advisor through his consulting practice Tactics Sells High Tech, Inc. Mark was a proud investor in Microsoft from the mid-1990's selling in mid 2000, and hopes one day that MSFT will be again an attractive investment. You can contact Mark through Twitter, LinkedIn, or on Mastodon. Jeff Gamet is a technology blogger, podcaster, author, and public speaker. Previously, he was The Mac Observer's Managing Editor, and the TextExpander Evangelist for Smile. He has presented at Macworld Expo, RSA Conference, several WordCamp events, along with many other conferences. You can find him on several podcasts such as The Mac Show, The Big Show, MacVoices, Mac OS Ken, This Week in iOS, and more. Jeff is easy to find on social media as @jgamet on Twitter and Instagram, jeffgamet on LinkedIn., @jgamet@mastodon.social on Mastodon, and on his YouTube Channel at YouTube.com/jgamet. David Ginsburg is the host of the weekly podcast In Touch With iOS where he discusses all things iOS, iPhone, iPad, Apple TV, Apple Watch, and related technologies. He is an IT professional supporting Mac, iOS and Windows users. Visit his YouTube channel at https://youtube.com/daveg65 and find and follow him on Twitter @daveg65 and on Mastodon at @daveg65@mastodon.cloud Kelly Guimont is a podcaster and friend of the Rebel Alliance. You can also hear her on The Aftershow with Mike Rose, and she still has more to say which she saves for Twitter and Mastodon. Jim Rea built his own computer from scratch in 1975, started programming in 1977, and has been an independent Mac developer continuously since 1984. He is the founder of ProVUE Development, and the author of Panorama X, ProVUE's ultra fast RAM based database software for the macOS platform. He's been a speaker at MacTech, MacWorld Expo and other industry conferences. Follow Jim at provue.com and via @provuejim@techhub.social on Mastodon. Ben Roethig has been in the Apple Ecosystem since the System 7 Days. He is the a former Associate Editor with Geek Beat, Co-Founder of The Tech Hangout and Deconstruct and currently shares his thoughts on RoethigTech. Contact him on Twitter and Mastodon. Support: Become a MacVoices Patron on Patreon http://patreon.com/macvoices Enjoy this episode? Make a one-time donation with PayPal Connect: Web: http://macvoices.com Twitter: http://www.twitter.com/chuckjoiner http://www.twitter.com/macvoices Mastodon: https://mastodon.cloud/@chuckjoiner Facebook: http://www.facebook.com/chuck.joiner MacVoices Page on Facebook: http://www.facebook.com/macvoices/ MacVoices Group on Facebook: http://www.facebook.com/groups/macvoice LinkedIn: https://www.linkedin.com/in/chuckjoiner/ Instagram: https://www.instagram.com/chuckjoiner/ Subscribe: Audio in iTunes Video in iTunes Subscribe manually via iTunes or any podcatcher: Audio: http://www.macvoices.com/rss/macvoicesrss Video: http://www.macvoices.com/rss/macvoicesvideorss
Less than 24 hours after Apple's “Scary Fast”, MacVoices Live! convened the panel of Chuck Joiner, David Ginsburg, Jim Rea, Eric Bolden, Patrice Brend'amour, Ben Roethig, Jeff Gamet, Mark Fuccio and Kelly Guimont. The discussion starts with the presentation aspects of the event, then turns to the new iMac powered by an M3 processor and its consumers focus, returning to the iMac's original roots. That Apple's most powerful machines are now laptops is considered, as are the alternatives for those who want more, larger screen options. Screen resolution is debated, and the implications of the event being shot entirely on an iPhone 15 Pro Max were examined. (Part 1) Today's MacVoices is supported by MacVoices Featured Gear. Get more done with your tech, like the OWC Thunderbolt Hub. No matter which Mac you have, you can always use more connectivity, and the OWC Thunderbolt Hub delivers. Get the details and link at MacVoices.com/FeaturedGear. Show Notes: Chapters: 0:00:00 Apple's Scary Fest Event: A Recap 0:13:59 Leaving the Audience Wanting More 0:16:36 Ben's Technical Difficulties and Apple's Impressive iPhone Video 0:19:07 Apple's Push for Professional Filmmaking on iPhone 0:21:04 Debunking Expectations of iPhone Camera Quality 0:26:21 The Power of the M3 Processor in iMac 0:27:56 Different machines and the power of laptops 0:29:30 Research results on 5K iMac availability and display quality 0:31:36 The role of iMac in modern computing landscape 0:34:04 The market for iMac and its primary functions Guests: Eric Bolden is into macOS, plants, sci-fi, food, and is a rural internet supporter. You can connect with him on Twitter, by email at embolden@mac.com, on Mastodon at @eabolden@techhub.social, and on his blog, Trending At Work. Patrice Brend'amour is the creator, advocate and Product Manager of a global healthcare software initiative, which is not only pushing the industry to provide user-centered solutions using the latest advances in UX and technology, but also advancing the sharing of medical information between healthcare providers across the world. She is also an avid podcaster, mainly in the technology space, as well as a maintainer and contributor to a number of open source projects. Everything she does can be linked to from The Patrice, You can follow her on Twitter, and engage with her on the podcast, Foodie Flashback. Mark Fuccio is actively involved in high tech startup companies, both as a principle at piqsure.com, or as a marketing advisor through his consulting practice Tactics Sells High Tech, Inc. Mark was a proud investor in Microsoft from the mid-1990's selling in mid 2000, and hopes one day that MSFT will be again an attractive investment. You can contact Mark through Twitter, LinkedIn, or on Mastodon. Jeff Gamet is a technology blogger, podcaster, author, and public speaker. Previously, he was The Mac Observer's Managing Editor, and the TextExpander Evangelist for Smile. He has presented at Macworld Expo, RSA Conference, several WordCamp events, along with many other conferences. You can find him on several podcasts such as The Mac Show, The Big Show, MacVoices, Mac OS Ken, This Week in iOS, and more. Jeff is easy to find on social media as @jgamet on Twitter and Instagram, jeffgamet on LinkedIn., @jgamet@mastodon.social on Mastodon, and on his YouTube Channel at YouTube.com/jgamet. David Ginsburg is the host of the weekly podcast In Touch With iOS where he discusses all things iOS, iPhone, iPad, Apple TV, Apple Watch, and related technologies. He is an IT professional supporting Mac, iOS and Windows users. Visit his YouTube channel at https://youtube.com/daveg65 and find and follow him on Twitter @daveg65 and on Mastodon at @daveg65@mastodon.cloud Kelly Guimont is a podcaster and friend of the Rebel Alliance. You can also hear her on The Aftershow with Mike Rose, and she still has more to say which she saves for Twitter and Mastodon. Jim Rea built his own computer from scratch in 1975, started programming in 1977, and has been an independent Mac developer continuously since 1984. He is the founder of ProVUE Development, and the author of Panorama X, ProVUE's ultra fast RAM based database software for the macOS platform. He's been a speaker at MacTech, MacWorld Expo and other industry conferences. Follow Jim at provue.com and via @provuejim@techhub.social on Mastodon. Ben Roethig has been in the Apple Ecosystem since the System 7 Days. He is the a former Associate Editor with Geek Beat, Co-Founder of The Tech Hangout and Deconstruct and currently shares his thoughts on RoethigTech. Contact him on Twitter and Mastodon. Support: Become a MacVoices Patron on Patreon http://patreon.com/macvoices Enjoy this episode? Make a one-time donation with PayPal Connect: Web: http://macvoices.com Twitter: http://www.twitter.com/chuckjoiner http://www.twitter.com/macvoices Mastodon: https://mastodon.cloud/@chuckjoiner Facebook: http://www.facebook.com/chuck.joiner MacVoices Page on Facebook: http://www.facebook.com/macvoices/ MacVoices Group on Facebook: http://www.facebook.com/groups/macvoice LinkedIn: https://www.linkedin.com/in/chuckjoiner/ Instagram: https://www.instagram.com/chuckjoiner/ Subscribe: Audio in iTunes Video in iTunes Subscribe manually via iTunes or any podcatcher: Audio: http://www.macvoices.com/rss/macvoicesrss Video: http://www.macvoices.com/rss/macvoicesvideorss 00:13:58 Leaving the Audience Wanting More 00:16:35 Ben's Technical Difficulties and Apple's Impressive iPhone Video 00:19:07 Apple's Push for Professional Filmmaking on iPhone 00:21:04 Debunking Expectations of iPhone Camera Quality 00:26:20 The Power of the M3 Processor in iMac 00:27:55 Different machines and the power of laptops 00:29:29 Research results on 5K iMac availability and display quality 00:31:35 The role of iMac in modern computing landscape 00:34:03 The market for iMac and its primary functions
Did you know that Netflix is also a gaming platform now? That Apple make TV shows? That Disney own a number of YouTube channels without the Disney branding? It's because they know what Steve Woodruff knows. If you're a podcaster, you might think the competition is other podcasters. If you make movies, you might think the competition is another movie. You'd be wrong. See, what Netflix, Apple, Disney, and Steve know, is that the competition is everything. People are assaulted every day by stimuli, and if you want to cut through all of the noise, you need to stand out by being an effective communication designer. And there's no better person to tell us how to do that than the King of Clarity himself. Plus, in the PRO show, we talk about using AI to write books, and Steve's process for writing his latest book, The Point. Top Takeaways The average American spends 7-10 hours per day in front of a screen. On top of that, we see 4,000-10,000 ads every day. In other words, there is a lot of stuff competing for our attention. You want to be pigeonholed! Instead of an “Elevator Pitch,” which sounds stuff and outdated, Steve prefers the term “Memory Dart.” What's one sentence you can say to people so they know exactly what you do? If you're not communicating clearly to an outsider, you're not communicating clearly. You want to make sure your copy (website, LinkedIn profile, Twitter) makes sense to people who don't know your work well. Show Notes Steve Woodruff Steve in Linkedin Want to be a Better Speaker? Do THESE Things with Mike Pacchione Clarity Wins Book You're Writing Your Business Book Wrong with Josh Bernoff Sponsored by: Hostinger | Lulu | Sensei Sponsored by: Hostinger: Get 10% off + 2 months free with code BUILD Lulu: Sign up for free today and sell your book. Sensei: Save 20% FOR LIFE with code JOECASABONA ★ Support this podcast ★
The trend of re-onshoring silicon production domestically and Intel's turnaround plans collide in a way that is very good for Ohio. Twitter will let you NFT-up your profile picture. Google's doing the AR headset thing too. That Apple education discount has gotten harder to spoof. And of course, the weekend longreads suggestions.Sponsors:DeVry.edu/engineeringEditorX.comLinks:Exclusive: Intel Reveals Plans for Massive New Ohio Factory, Fighting the Chip Shortage Stateside (Time)Twitter Embraces NFTs With New Profile-Picture Feature (WSJ)GOOGLE IS BUILDING AN AR HEADSET (The Verge)Netflix Falls Short of Q4 Subscriber Target, Stock Tumbles on Weak Forecast (Variety)We regret to inform you that Apple now verifies anyone asking for educational discounts (The Verge)Weekend Longreads Suggestions:How Did ID.me Get Between You and Your Identity? (Bloomberg Businessweek)The SPAC Ship Is Sinking. Investors Want Their Money Back. (WSJ)THE INSIDE STORY OF IBEER, THE UNDERDOG BEER APP THAT MADE MILLIONS (MelMagazine)The Rise of A.I. Fighter Pilots (The New Yorker)How Tumblr Became Popular for Being Obsolete (The New Yorker)See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
EP281 - Mark Mahaney, author and top internet analyst Mark Mahaney is Senior Managing Director at Evercore ISI, Research Division, he's one of the original and longest lasting internet analysts on Wall Street. He recently published “Nothing but Net: 10 Timeless Stock-Picking Lessons from One of Wall Street's Top Tech Analysts.” We cover a variety of fun topics including the beginning of his career with with Mary Meeker. His initial evaluation of EBay. His long positions on Amazon, Netflix, and Priceline, and butting heads with Jim Cramer over Google. We also discuss what's next for Amazon, and where the best investments of the future might be. Episode 281 of the Jason & Scot show was recorded on Thursday, November 18th, 2021 http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Transcript Jason: [0:00] Welcome to the Jason and Scot show this is episode 281 being recorded on Thursday November 18 20 21. I'm your host Jason retailgeek Goldberg and as usual I'm here with your co-host Scott Wingo. Scot: [0:16] Hey Jason and welcome back Jason Scott show listeners. Jason as you and the listeners know I am a huge scene in b.c. junkie and you can't turn on CNBC Durning Earth during earning Seasons without seeing Mark mahaney he is one of the top internet analyst. He was actually on recently talking about the artist previously known as Facebook meta Mark has a new book out called quote-unquote Nothing But net and is joining us tonight give listeners an early peek of what is sure to be the best seller in the bookmark covers some of our favorite companies including Amazon Apple Facebook / meta Google Netflix Twitter and Uber Mark welcome to the show. Mark: [0:56] Thanks for having me on guys. Jason: [0:58] Mark we are thrilled the chat with you is you know Scott is a huge Amazon fan boy so I anytime he gets a chance to talk Amazon he's excited. And I'm super excited because after tonight show I'm going to be smart enough to get rich like you and Scott so that's pretty pretty exciting for me. But before we jump into all that we always like to give listeners a little bit of a feel for our guests background and in your case I know I think you're officially the the oldest analysts on Wall Street is that true. Mark: [1:29] Well that's the oldest and longest lasting internet analyst on Wall Street but I don't look the part so how about we do that yes I've been covering Internet stock since 1998 do a series of bank said I started, working with this tremendous analysts her name was Mary Meeker her name is Mary Meeker and started the first Friday I was on Wall Street I got a call from the CFO of this tiny little online auction company that sold Pez dispensers and was looking to see whether any banks would be interested in their IPO that company was eBay so I wasn't there at the beginning of the internet but I was there pretty close to the beginning of the commercial for the public market to internet and it's been a fascinating ride and I thought there were a lot of lessons I could draw both from the successes the market and failures in the market and my personal successes and failures as a stock picker. Scot: [2:20] Cool what's so name some of the firm's so in my recollection you've probably worked at six firms like how many firms have you worked out over or that career. Mark: [2:30] Yeah now I don't want you to think I you know I jump around too much but I started off at Morgan Stanley also worked at Citibank Royal Bank of Canada. A small boot wonderful Boutique called American Technology research and I'm currently at evercore isi but I've been doing nothing but net. Hence the title of the book that's been my email tagline or always online is one of those two it's been my email tagline for 25 years but nothing but net and that's just doing my best to try to stay ahead of these internet stocks the early ones the the eBay's the Amazons the Yahoo excite if you might remember them infoseek. And then and then AOL and then and then later on some of the more Dynamic ones came out ended up with names like uber including most recently one you talked about Warby Parker so it's been a fascinating span and arguably one of the most dynamic. Parts of Wall Street I guess if you were working as an analyst on Wall Street. Or portfolio manager portfolio manager if you could have picked two sectors to be a part of to track over the last 25 years one of them has to have been the internet just how explosive it's been a been plenty of – explosions in there but there's been some wonderful wealth creation the other sector would probably be software just just too wonderful Industries I got lucky I was I was part of the internet. Scot: [3:49] Yeah I'm glad you didn't pick Mall Focus treats that would have been a bad choice. So you know as Jason mentioned there's kind of this auspicious title that you have of the oldest I would say wisest and most longest lasting internet unless. Tell us about some of the as you reflect in the book is kind of got some really good stories and you've been kind of on the front row seat of a lot of cool stuff maybe tell us what was your worst pick and best pick in the span of the career there. Mark: [4:22] Well I had a sale on Google it close to its IPO I was brought on to CNBC show and told by none other than Jim Jim Cramer that I was an analyst with a three-egg omelette on my face because of my cell phone call he was right I was wrong so you know one doesn't pretend one doesn't tend to forget moments like that on public television being told that you know you're pretty much an ass. But it does happen you know there are axes and then there are you know others and so I made plenty of mistakes I had to buy on Blue Apron although the lessons from that turned out to be different than I thought I got the call wrong but the lessons were different than I thought I kind of dissect that a little bit in the book. So those are some of my some of my worst calls I think my to my three best calls have frankly been sticking with a buy on Amazon for pretty much the last 15 years Netflix for the last 12 years and Priceline and now now booking for. [5:18] For a solid 12 years both Netflix of all three of those were really decades-long S&P 500 Best in Class stocks for a variety of different reasons and in the book I try to call out what were those reasons what were the what's that what's the pattern recognition so that you know we as investors can find the next Netflix and the next Amazon doesn't mean and Amazon and Netflix can't perform well from here but what are the things you can see in common that can help you as a stock picker you know kind of see ahead what really kind of started a lot of the the insights the idea of the book was this wonderful book that was written in 1980 called that one up on wall by Peter Lynch kind of a Bible or primer for anybody really looking to invest invest in the market with some wonderful advice and I really had any wrote it based on some wonderful examples of successful stocks and companies of his generation and I thought somebody needed to write one about our generation and you know these phenomenal money-making we know wealth-creating stocks that have. [6:19] That have soared the charts top the charts over the last 20 10 5 and even two years that have been dramatic dramatic winners from the covid crisis to I try to keep it long term in duration and frankly that's one of the big lessons I have in my book is. Is you know long-term I've found stocks do follow fundamentals they just do companies get bigger more Revenue more profits their stocks go higher almost always that's the case if you're a patient long-term investor so you can make money just investing you don't need to day trade and I think that was the last thing that really inspired me to write this book there about 15 million new. [6:53] Trading accounts that have opened up over the last two years you know the mean Traders the Robin Hood accounts and I just wanted to step back and say look you can have very good returns in the markets by buying high quality companies especially Tech and growth companies you don't have to day trade you can sleep better at night I got plenty of examples of companies that created wonderful. Shareholder returns over time and their stories you can take your time and really understand and stick with and anyway that's it this is this book is a little bit of little bit of personal Memoir but really more of a history of the Great. Companies and the ones that failed and then what are the lessons you can draw to apply going forwards. Jason: [7:32] Got it so I know it's not in your coverage area but you would have a buy on GameStop is that what you're saying no. I Nostalgia requires me to ask though I am staring right now at a pets.com. Puppet still in the box that's like sort of a Memento I have on my on my desk like we're you covering like those guys at the at the. Dot-com boom. Mark: [8:00] No no I didn't but I refer to that in the book and I make this I draw the comparison you know pets.com and smoke you know pets.com went public with trailing 12 month month revenues of 5 million I don't know if you heard that right five million dollars. [8:16] Trailing 12 months they had been an operating company for under two years I mean how that thing got out you know in hindsight is is is pretty shocking but wait a second go you know go forward 15 years and what came out. To e.com chewy.com went public with 3 billion in trailing sales and you knows the same sort of basic value proposition to Consumers it's just that the market was a lot bigger it allowed for a lot more scale and a bunch of other things came out o like cell phones smartphones cloud computing which allowed companies to scale up at much lower costs and so the markets really were proved out at that you know the time of pets.com there were three unknowns is there really an internet Market are there really good management teams and other really good business models today the first question is emphatically yes they are huge Market opportunities and they've been proven in in the Internet space advertising retail entertainment a lot of different ways you can cut it and there's some business models have generated enormous amounts of free cash flow and then there are yes of course there's always a few select excellent management teams who find that right combination it can be it's proven to be a great path to making money in stocks and chewy has been a stock that I've really liked since its IPO even though it's the next pets.com and that's the cynicism that people be placed in front of it when they went public. This was a very different puppy. Jason: [9:39] Yeah it does it seems like timing it seems obvious but timing is such a big. Part of all that you referenced Peter Lynch and I know you know there's. There's all the old Netflix stuff I actually started my career at Blockbuster entertainment and so in my in my industry everyone makes fun of Blockbuster that we got Netflix stand and all those sorts of things and I always have to point out. You know we sold Blockbuster for 18 billion dollars in 1995 like five years before Netflix was invented. Then it was a good business with a good exit you know every every business has it it's it's moment and it's time and you know the the railroads aren't the investment that they once were either. Mark: [10:28] Netflix is a fascinating story so let me let me let me jump to it a little bit you know one of the things the punchline of I asked people if you're going to remember one thing for my book I hope you'll still buy it but if you're going to remember one thing from my book it's dhq it's not DQ That's Dairy Queen dhq is dislocated high-quality companies and. You know time you mentioned timing I was thinking in terms of stock timing I thought those were your going to take us I think it's very hard to the time stocks but you know you can clearly see when stocks are dislocated I either traded off twenty Thirty forty percent so that's usually you know time if you think it's high quality asset and it dislocates them they all dislocate from time to time even the best highest quality names. That's when you can kind of Step In add the positions by the stock knowing that you in a way mitigated some of the valuation risk as investors your tries an investor you're trying to do two things mitigate valuation risk and mitigate fundamentals risk you know the chance that Revenue falls off a cliff margins get crushed the way you mitigate that fundamentals. Risk is to focus on companies with large Tam's excellent management teams great product Innovation and superb customer value prop and Netflix screen so well for me on those four things I'll just take this off super quickly if you don't mind. [11:42] The industry Vision so let's see Reed Hastings invented or started Netflix back in 1997 Netflix the name itself sort of implies that somehow we're going to be doing some streaming thing and this is a 1997 when it would have taken you four hours to download the first five minutes of Terminator like there was no streaming Market there but yet. [12:02] That was the premise of the company in 10 years later you know you look at the first initial interviews with Reed Hastings I mean this is where he was going to take the company all along so I was just giving him kudos for industry vision and the fact that he was willing to cannibalize his existing DVD business first dreaming business very few entrepreneurs can do that so management you know checks My Box customer value proposition the best way to tell whether a customer a company has a great value proposition is do they have pricing power will do people love it so much that they'll pay more for starting in 2014 Netflix started increasing pricing just about every other year and there's some ads accelerated that's a compelling that's evidence of compelling value proposition third is this product Innovation and you know they just don't have a lot of things not just streaming but there's a lot of these little tweaks that the side like binge watching you know kudos to Netflix for just rolling out new series all at once I mean practically invented binge-watching and of course you know they sort of invented the streaming thing or the people who founded music really did that but but Reed comes in a close close second on that and then you know I'm finally in terms of Tam's large Tam's total addressable markets. [13:13] You can add it up a couple of different ways but you know home entertainment video consumption it's it's a couple of hundred billion dollars in total you know Market opportunity and then who knows these things come along like smartphones and all of a sudden the majority of usage is on smartphones that tells you that these markets could be a lot bigger than we traditionally thought just like Spotify blew out the market for what really could be music advertising revenue and music subscription Revenue Netflix is did the same thing with me with Video subscription Revenue they blew up the tan they made it a lot bigger so that's right you know I love that story about the stories about Netflix I gave him a tremendous amount of Kudos I think the sometimes people under appreciate just because it's kind of a singular company just you know video video streaming I think they I think they don't get enough credit for what they've done and what they could still do because I think there's still one more one more trick up Reed Hastings sleeve and I think it's gaming and he's reached they've received such so much skepticism about this pivot or missing expansion in the gaming but you know management team to figured out dvd-by-mail streaming original content International expansion mount give them the benefit of the doubt that they can figure out an Innovative new way. To deliver gaming and therefore further increase their value proposition you'd want to stick with a company like that I stick with the stock like that. Scot: [14:34] Ever kind of a random question let's say there was I'll pick something at random a company that was Reinventing Car Care and making it mobile and digital would you call that a dhq. Mark: [14:45] I think that yes yes absolutely. Scot: [14:51] All right leading the witness. I do have to give you Kudos because in the Netflix section you do have a Star Wars reference you talk about the Disney death star which is which is appropriate because they now own the Death Star it's got a part of there is one of their IPs. Mark: [15:09] But by the way that was you know there were a couple of Netflix there's a rocky stock Rocky stock here that's right that's a that's a rocky stock for you it's had there were two times they miss Subs because of uncertainty over the price increases and they got some pushback it was an obvious that they had pricing power but they proved it over time and then they've got this great competitor risk with Disney and I think what the market missed on that this is just kind of leaving aside the book of just talking about stock picks is you know people are going to sign up for multiple streaming services now not now not five six or seven but they'll sign up for two or three if there's original content and they have original content I mean there's some things you will you have to sign up for Disney Plus for if you if people are like use God and you know dramatic. [15:52] Star Wars fans of course you can sign up for Disney plus but you know there's because its original content if you want to watch squid game there's one and one only place you can go for that and you know there's going to be another squid game or you know another show that just kind of breaks through the site-geist and by the way that's where Netflix is so I'll leave Netflix aside but I'm so struck by is this company shapes the Zeitgeist whether they can cause a run on chess board sales worldwide with the Queens Gambit a year ago where they can cause more people start studying Korean on Duolingo a language app which I actually like is the stock because they can you know they've introduced this show squid games like when a company reaches the Zeitgeist when they when they become almost like a lucky lexicon like they become a verb like I'm gonna google that or you know it's the Uber of this that or that you know that's that's something special and those are usually stocks that have gotten very long runways. Scot: [16:44] Yeah and I'm here in North Carolina and we have all these MBA we have all these universities and I was actually speaking earlier this week at MBA class over at Duke. And you know I have this whole little joke track that I do where I talk about my first company was profitable and I learned I could never raise VC because get the TV season that's a your profit we don't invest in property companies so yeah I often joke that I've been doing it wrong and ever since then I haven't made a dime. And I kind of thought it was those funny because you kind of. The internet sector was kind of early before SAS where and you point this out where there's kind of you know what we learned is there is an investor that loves Revenue growth and in a way that the opposite side of that coin is it can actually hurt you if you start to make profits maybe share with listeners that that you know probably many of them come from traditional businesses where that sounds nonsensical maybe maybe explain kind of what happened there. Mark: [17:41] Well I want to be I want to be on to get nuanced here which is you know I that chapter that says the most important thing out there is revenue revenue revenue you know for tech stocks and growth stock. But of course earnings and free cash flow matter it's that sometimes the public market is a lot longer term focused than people give it credit for Netflix is a great example that also is Amazon. I mean those those businesses had if you look at near-term valuation PE metrics price to free cash flow there's no way you would have bought those stocks. But what I think long-term growth investors realized is there's this you know when these get these assets that can grow their Top Line twenty to thirty percent Plus. From scale for multiple years like that can that creates an enormous amount of value over time and it's so rare I came up with something of a 20% rule you know it's one to two percent of the S&P 500 that can consistently grow at from scale their Top Line 20% which is like five times faster or six times faster than Global GDP growth so it's rare for good reasons but those companies dramatically outperformed the market because they're rare and it's not like growth and scale solve everything but geez they solve a lot of things I've yet to see it's got you know you go way back on this I'm sure you had these comments like Amazon will never turn a profit my first year on the street. [19:04] There's a person who's not one of the most influential investors out there put his finger in my chest. And said you know Amazon will never be profitable and you know I guess he must have been writing he was so smart but he was wrong because he didn't realize just what how powerful Amazon could be as it's scaled over time I mean you generate billions and billions in revenue and you can you can run over a lot of your fixed costs as long as you're not selling dollars for 95 cents you know if you're you know if you're selling them for a dollar and two cents and then you get scale against your fixed cost yeah scale will solve just about anything and I look at what happened with Amazon and I've looked at more much more recently its bring it up to up to date to Uber Uber just printed its first free cash flow quarter ever even though it's Rideshare businesses like down 40% since Pre-K covid levels how the heck did they do that because it took a lot of costs out of the business and then they had this delivery business that really scaled so look earnings matter it's just that when we look at tech stocks and growth stocks you know especially early on is IPOs they rarely go public. As profitable businesses the question you have to answer yourself is can they be profitable long-term are there companies that are already you know similar business models that are already are that's one way or their segments of the business that are already profitable. [20:19] Is there a reason that scale can't drive profitability for the company and the fourth what I call profitability Action question that detail this in a book is yo Are there specific steps steps that the management team can take to bring the product the company to profitability so I've yet to see a company. [20:36] And I'm sure there are some but I've yet to see one that hit the public markets that couldn't scale itself to profitability now some blew up. Well you know that's because they couldn't hit the enough scale so that's that's kind of my answer to the question of yes of course earnings and free cash flow matter at the end of the day that's what they're going to be valued on but just watch these companies that they really execute well they can take what looks like really aggressive valuations and overtime those valuations can turn awfully awfully attractive and a lot of times the stock wealth creation goes from point A to point B it doesn't start at point B. Jason: [21:10] Yeah the you know it's you mentioned then the Netflix. Effect on the cultural zygous fun fun stat on Queen's gamut it drove the sale of millions of chessboard and caused hundreds of people to start playing chess. I do one of the things that comes out strongest in in the book to me and that you alluded to upfront is sort of the difference between trading and investing. You know I always have people come up to me and they're like hey you know a lot about these retail companies what's a good investment and I'm like. I have no idea can you can you talk a little bit about sort of what you mean by sort of fundamental investing versus trading. Mark: [21:56] Well I sum it all up in the pithy expression don't play quarters I find playing quarters is almost a Fool's game the number of times I get questions you know what should I buy for the quarter and for little sophisticated institutional investors that could be I've got a position in. [22:15] Amazon or Google or Twitter and you know do I should I be you know heading into the position prior to earnings or you know facing back and adding to it more afterwards okay that's a different setup but if you're just playing a company for that quarter pop the problem is quarterly earnings reactions there's two things that drive them. Fundamentals great get the fundamentals right that it's expectations so the quarter trades are really about expectations you may get the quarter right you may be right that Nvidia or Roblox are going to have super strong quarters because I see how many of my friends kids are all over Roblox you maybe well right on that but you have to know you know what the market is actually expecting and numbers can go Revenue can accelerate but if the bar is higher than that then you're going to see these stocks trade off it happens a lot so I just unless you're unless you're a pro less you're in day in and day out. You know working working these stocks and really have a sense of where the expectations are. I think it's just a Fool's game to play play stocks just four quarters instead you know you want to stick with stocks for the you know you want to find an asset that you think is going to be. [23:29] Materially bigger in two to three years down the road and you think it's high quality based on some of the screens I threw out then stick with that name and don't try to play around the quarters and it's in fact sometimes you can use weakness or strength around the quarter to adjust your position but don't use it too initiator close out a position at the then you fall trap to these expectations game that is very hard to participate in if you're just a regular you know retail investor and you can make just as much money just staying invested in some of these great assets. Jason: [23:59] That is great advice and it's I certainly resonate with the sticking with the Investments I am curious though on the other end of that on the really long Horizon you mentioned you've you've been had a buy on Amazon for like 15 years. Wait. Like are you going to have a buying them for the next 15 years is that how I mean like does there come a point when they achieve their potential and you have to start worrying about them getting on the other side of the Hill. Mark: [24:26] Yeah I think you can I think you can one look for the fundamental towel and so I'm going to I'm going to spin over to another stock I talked about in the book Priceline. Which is actually the single best performing S&P 500 stock for like a 10 year period 2005 to 2015 phenomenal stock travel name everybody knows it William Shatner excetera although they're real secret sauce with what they did in European markets but. But that's a company that you know sustained premium growth like they were growing their bookings in the revenue 40 percent year over year for years and years and years and years and that's what powered that that that stock and when it stopped materially ah performed Market was when the growth rate decelerate it below 20%. [25:10] And so I don't want to you know create a hard and fast rule but I do feel strongly about this twenty percent rule 20 percent you know we're close to it you know don't don't Nick me at 19.8% you know could close to twenty percent is unusual rare growth. [25:23] And the markets usually pay up for that and when you see a company over time either because of Miss execution it happens or Market maturity and their growth rates you know kind of slide below 20% then that's when you reconsider your position that's a simplistic rule as a lot of caveats to that when I see with Amazon here is despite the size of this business I think they're still growing 20% for the next five years so in that if that's the case. [25:48] You know the simple rule of thumb is companies that can grow like. They can I like to see stocks that can double in in three years in order to do that you kind of have to do you know 20 to 25 percent earnings growth that's what a Maps out too. And you know you can double a stock in 3 years your handily beating the market in almost all time periods. And so when I see what it'll change my opinion really on Amazon is if I believe that this company is going to go X growth it's going to go you know well below 20 percent Revenue growth I just don't see that in the next couple of years given how much growth they have in retail in NE ws and cloud computing and in some of these really newer areas that I'm really interested in whether they really can crack the code on groceries and they can that's a large opportunity and business supplies Industrial Supplies I think that's a very underappreciated part of Amazon's business so I don't see myself changing my opinion on Amazon although you don't want things that we talked about this earlier that I love to see your founder LED companies that's no longer the case with with Amazon so that's you know at some level I've got slightly less conviction than the in the by case but I'm going to stick with it as long as the numbers prove out right and long as I can see this path that's consistent 20% Revenue. Scot: [26:59] Yeah and this is kind of breaking out of the book thing but since you brought up Amazon it wouldn't be a Jason Scott show if we didn't kind of double click on that what did any thoughts on the Q2 and Q3 earnings feels like they're slowing down a bit and feeling some of the labor and see what we call Supply pain on the show are you are you getting nervous about it or you think it's just a little one of their little kind of investment phases. Mark: [27:23] I called the six billion dollar kitchen sink that's how much lower their guidance was for operating income in the December quarter then then what the street was looking for like she was looking for close to eight billion and they guided to billions six billion dollar kitchen sink and they threw it all in there wage inflation you know you right you drive that route 95 on the east coast and you'll see Amazon Amazon is hiring Billboards up and down the East Coast Seaboard I did it recently so yeah they're aggressively hiring at higher wages that's impacting their margins there still some covid related cost shipping they're just not able to a sufficiently source and bring in product and so they have to bring in product into the the ports that aren't optimized for their distribution Network so just a lot of. [28:14] Positive blowing up now the question you have to ask yourself as an investor is are those are those cost increases elective structural discretionary temporary it's kind of like which of those are they the more that you can make a determination that the cost bikes are temporary the more you stick with the name if you think there's something structurally changed about Amazon okay that's different I don't think there's anything structurally changed about Amazon and certainly not its competitive position and then the last thing what I really like to see. [28:44] Frankly is this company. I mean the level of investment this company is making its distribution Network you know you talked about Facebook earlier they're dumping 10 billion into the metaverse which I think there's a there there but I don't know Amazon is dumping billions and billions into its own Logistics Network like they're doubling down on their core competency you bet I'll stick with that and what they're going to what's going to come out of that is even faster and faster delivery and they're going to prove out this concept what I call shipping elasticity the faster you ship the more that people are going to use you in a more of their of the more of their wallet and per-share you're going to Amazon's going to get so we're going to actually going to Super up one day delivery and then they're going to Super up super same day delivery and I think they'll be able to just grab more and more and offer more and more products to people so I like those kind of investment initiatives so I think a lot of that margin pressure by the way it was really due to these kind of elective investments in the infrastructure they added more distribution capacity the last two years than Walmart has in its history. That's how aggressive Amazon is being an eye you know my guess is that third we're going to see dramatic market share gains from Amazon in the next 12 months so I like those companies that kind of really lean in bendin and the double down on our core competency that's what the Amazon is doing now. Scot: [30:00] Yeah. The Press is making a lot of noise around Shopify versus Amazon and Shopify is kind of amplifying that with they're arming the rebels and everything. Jason Connor makes our I won't say his thing but he's not a believer in that I think it's kind of interesting in there's definitely no love lost between the company's what what's your take on that is that a real battle or is that just kind of genda by to kind of raise awareness for Shopify. Mark: [30:26] You have a quick point of view on that Scott. Scot: [30:29] I think Shopify becomes a Marketplace adjacent thinks that's crazy Jason what do you what I'll let you state your own opinion. Jason: [30:38] Yeah I mean I think Shopify is a phenomenal company and a good executor so I'm not throwing rocks at Shopify. They're to me they're not a competitor to Amazon they don't acquire customers they have no traffic there there. Piece of infrastructure and a great valuable piece of infrastructure but a piece of infrastructure. Doesn't draw any customers in so I call these people that are like oh man they're like Amazon they have all this aggregated gmv and they could sell ads to it and they can you know recruit more sellers because they have this this audience and all these things will they don't have any of those things they don't have a single b2c marketer. In their company and I would argue that's that's been one of Amazon's Court competencies is they've they use the flywheel to build this this huge audience that they get to sell all the. Their goods and services to so I just I don't think. They compete in any in any meaningful way and I think if Shopify were to try to become a true b2c company like Amazon. It would just be a phenomenal pivot it would be you know. Can't you know obviously they have the resources to fund trying for it but I'm not sure that's the best move for them. Mark: [31:57] Yeah I don't so I Do cover Shopify I've been really impressed with them I don't know them as well as I know Amazon but I've been super impressed. With them and terms of the product development and they are just providing more and more services to small Merchants so I think there's an are now bigger than eBay in terms of GM vo but I can never there's not enough disclosure to figure out so where's that GM D coming because I think some of that probably does come through eBay so a little bit of double counting that goes on in there but it's really impressive what they've pulled together whether they can actually aggregate demand in a way that Amazon has I think that's I think that's unlikely I think that's a very hard thing to do it's possible they do have a shop app I just, yeah I guess that's the action question we often ask ourselves do you think you're going to use the shop app to shop. [32:45] I don't think so I don't think people are going to do that but you know if they can get enough people to do that boy they will have really they will have some really circled it that you know because they got the infrastructure okay they're talking about building out fulfillment and doing fulfillment for people and spending a billion dollars on it sorry my friends you're gonna have to spend a heck of a lot more than a billion if you if you really want to you know compete. Because the bar is getting higher it's not getting lower it's getting higher in terms of funeral the speed of delivery eBay learn this the hard way and so shockfights Memphis spend a lot more than that so anyway there's a lot of wonderful things about Shopify and I don't know whether if you listening to slammed on by if you think they can build up an aggregate an audience I don't think they can so does it make doesn't make it a slam dunk by it's it's you know it's a deep three point shot put it that way. And you're not Steph Curry. Jason: [33:41] I think we're going back to the basketball references in the book. Yeah it you know I tend to agree I'm not I don't think the shop app you know has attracted an audience that uses it for shopping yet it's a shipping trapping tracking app at the moment. But the it is funny like there are lots of companies that facilitate huge amounts of gmv so I think of like. Excuse me and Akamai is a. Is a CDN that's that used by almost every retailer to help help sell stuff right and so if you said well what's the CD the gmv of Akamai well it's bigger than Amazons. Um but that doesn't mean that Akamai can compete with Amazon so yeah I don't know. [34:28] I do want to go back to Amazon earnings just briefly because I you know I think a lot of the Slowdown is kind of a covid blip and I don't know if you ever think of it this way but. They're there their times in history when. It feels like the external factors aren't a big influence and and you know some companies perform really well and other companies struggle so you know there could be a year when you see Home Depot doing really well and lows struggling and you say. There's something special about Home Depot that I might be interested in investing in at the moment it feels like the external environment for retail is having a. [35:07] Sort of a consistent effect on everyone right and so you look at the industry average is you look at all of them is on Spears and they all have sort of the same shape of deceleration. That Amazon has so it's to me it's hard to attribute that to some. Some fundamental flaw in Amazon but there is one thing I noticed this quarter that it was interesting and I wanted to get your opinion about because I know as an investor you like seeing companies that have pricing power. And you know of course Amazon famously raise the price of prime a while back and seems like that was wildly successful this quarter. They've raised the price for grocery delivery there now charging ten dollar delivery fees even for Prime members. And then this week we saw that they made a pretty substantial increase to the cost of f ba which is you know the fundamental service used by almost all marketplace hours and they they just raise the price of that by like five percent and I'm curious do you look at that as a good sign that hey. They have pricing power and they're doing so well that they can command those prices or to me it's a potential warning sign because I feel like Amazon is so. Zealous an advocate of the flywheel in the flywheel is all about driving costs down to get scale up I just was surprised to see some of these like price increases in in you know. Especially grocery which isn't super mature yet. Mark: [36:33] Well I'm not sure really of the answer to your question Jason it's a it's a it's a really good thoughtful question on the on the groceries I think they raised it because the unit economics were just not working for them in terms of grocery delivery that's that's my guess they also you know yet to have that get to really crack the code on the grocery business and so I sort of see that as they tried it and it just can't right size the economics of they got to charge more for it so I read that kind of negatively what did the raising fees to sellers. But my guess is it's a mixture of things but it's largely driven that my guess is that this largely driven off of Just Rising. [37:17] You know Rising infrastructure costs have been rising shipping costs I mean Rising the two costs that they called out specifically on the earnings call my recall is correct is our steel costs because of all of that dish construction they're doing with their fulfillment centers and trucking services and so my guess is that they've they're doing is not necessarily the right size the economics is I think the economics are working but because they want to try to keep their unit economics relatively intact. And that's sort of the way I think they thought about the raising the price of prime it wasn't they did it because they could. It's they did because they sort of had to like the costs are rising it's just that what I found interesting in terms of pricing power is van acceleration in in Prime ads you know post that price increase like that and so does Netflix to me Netflix is essentially raise fees use the fees to you know generate more Revenue by more content is like a flywheel that they've worked with their make the service more bringing more users allows them to get a little bit raised money just a little bit more so it's not so much raising fees to extract excess profits it's raising fees to further accelerate growth and the value proposition is strong enough that they can do that and not lose customers that's that's that that there's this is subtle nuance and maybe it's too salty but but I think it's an important it's important difference it's not it's no it's raising pricing not to raise margins it's raising pricing to fuel growth. [38:46] And when you so either way it's good I happen to think you you want to the the better one is the latter one is a more impressive the latter one is more impressive because you're raising pricing just to Goose your margins you know you just put a Target on your back. Scot: [39:03] Reading the book made me nostalgic and maybe we'll do a little bit of a lightning round but one of the companies you wrote about that I kind of forgot about and those interesting was Zulily I remember when they came on the scene and we were all like. They were all blown away by how fast they could just get product up right they had this thing where they could. They could have most of those kids so they'd get like all these little kid models in there and throw some clothes on them take a picture and then like changed outfit take another so they could do something like you know thousand different products an hour or something. What's your recollection on Zulily. Mark: [39:40] She really is that was one of my calls that didn't work and. So I and I learned some lessons from that I think to me the lesson I drew a to do with value proposition they had wonderful cohort disclosure in their S1 when they went public I mean it was truly impressive. And you know the they also raise kind of an analytical question because the first it's not too dissimilar to stitch fix today the first three or four million customers were extremely happy the question is. Were there another three to four million customers that could be extremely happy and the problem that Zulily faced is that it customer value proposition had one major flaw which is that you couldn't return product if you didn't like it they didn't they didn't accept returns oh I'm sorry there were two problems and there was no Speedy Delivery you know you could get stuff in seven days and 20 days. That was good for the first day of the first three to four million customers who are fine with that you break into the mainstream and you mean I can't return something if I don't like it you mean I gotta wait how many days until I get something like that ended up. [40:45] And it was very hard being the survey you really had to go with gut instinct on that to realize in advance that they were going to hit a wall in their growth. Geez when you saw what happened to their growth rate when they went public it was Triple digits six quarters later they were doing 10 percent Revenue growth they hit the wall because the value proposition. Wasn't strong enough and then they end up going going private that to me was kind of a lesson which is you know the. [41:10] Growth was impressive but that value proposition if it's not if they hadn't they didn't have it nailed down and you knew from the beginning I knew from the beginning what the two Falls were I just I didn't know when it would hit them and hit them earlier than I thought so you know it gives us another reason to really focus on how compelling do you think this value proposition is how many you know will that can the can a customer base double given the existing value prop. And that's one of the big lessons if I spin it a little bit I mean that's to me is and Scott you look through this entire history like you know the first decade of the internet the king of online retail wasn't Amazon it was eBay and they had like six times seven times the market cap of Amazon that's completely changed and why is it change and I think in part it's because of the value prop I mean Amazon just beat him on price selection and convenience year in and year out and that really mattered but a more recent example in my book. [42:02] In literally and figuratively is doordash and GrubHub and that's example many people will will know but grub have that great business model wonderful investor Centric business model High margins and doordash had this you know generating tons of losses but they had the better value prop because they had more restaurants selection and the end of the day that they want and they were able to scale up and generate serve reasonable profits over time that was the case where my quick tag line is you know customer-centric companies. Beat investor Centric companies most of the time in market cap and market share Amazon versus eBay, GrubHub versus doordash those two examples really drilled that less than to me. Jason: [42:48] Yeah I've been fighting those companies because you know there. They're like increasingly overlapping with a lot of my Commerce clients and like you know a big. A big sort of disruption and commerce right now is all these ultra-fast delivery services and you know it seems pretty clear that doordash and Uber are both gonna want to play directly in that space so it seems like some of those those sectors are on a collision course to chase that Tam. Mark: [43:15] I think you're right Jason I also think Amazon I mean you're talking about logistics like that's Amazon's competency so whether you need to. Whether you're going to vertically integrate and do that or whether you going to do that virtually you know Foo you know a gig economy Network. I don't know which which is going to work better long-term but yeah and you know it's going to raise the bar and make it more and more expensive for anybody to operate in that in that segment I have a bias that Amazon in the end wins that but it's big enough of a market it's so early stage that you can have multiple winners for the next five years I don't know that you can have multiple winners for the next 10 years. Jason: [43:56] Yeah there was a funny question in the Amazon earnings call someone asked about ultra-fast delivery in the CFO kind of I thought brilliantly threw some shade on it he's like. He said something to the effect of we like where we are and ultrafast like we have one hour delivery on about 178,000 skews right now and we're you know we're going to continue to scale that and I don't know how many people follow this but all of the competitors in this space are are desperately trying to figure out how to do one hour delivery for like 7000 skus. So so like they're you know they definitely are gonna be able to leverage the infrastructure there and I'm sure they're making some big investments in that space too. Another area that's that's been kind of interesting lately and I know you've been following this little bit is obviously there are all these privacy changes and the depreciation of the third-party cookies and especially the IDF a you know mobile privacy changes. That Apple has instituted and that obviously had a pretty pronounced impact on the value of some companies like Snap recently A View you have a opinion there is that. Is that a blip or is that a systemic change. Mark: [45:08] I think it's a big pothole in the road. But it's not there but the but the it's a big pothole in the road but it's not a bridge that it's not a collapsed bridge that get that mountain out. Yeah so poor that hey yes. Yes it is yeah that's it that's pretty I mean that's a big pothole that idea Fay allowed Facebook to offer amazing attribution to millions and millions and millions of businesses and now that's gone and and and to their credit to Facebook's credit they warned about it for a year two snaps discredit they didn't warn about it ever and so that's why their stock went off you know 22 decline 25 percent whereas Facebook stock even the numbers came in weaker than expected you know kind of fell off to the 3% and by the way then is traded up above where it was at earnings time so what I mean very intrigued by is I think it will be a son of that idea of a. [46:12] You know child of idea say I like I think there's so much at stake here both from the advertising platforms like Facebook you know and Google's to some extent a little bit and Snapchat but also for you know the millions of marketers out there who you don't you were able to thank thanks to Facebook use of people's privacy data you know from right or wrong I mean that's what that's what they they did I mean this help Merchants really know which of their campaigns worked and allow them to you know run creative and that creative could be automatically you know a be tested abcdefgh like 8 times 8 different ways in which ever those creatives work best. You could actually beat successful one of them then you can just pivot all of the dollars behind that one campaign you know campaign h for campaign be your campaign e.e. and that's just a wonderful way to help these small businesses you know really succeed and that's been taken away now you know there's I think there's first a little bit of shock shoot I can't get the attribution I had I'm going to pull a my marketing dollars but marketers got a market. [47:13] And I think you're going to see those dollars come back and my guess is that Facebook and other companies are going to find some way to do. Better targeting they may not quite get to idea that a type of levels but they were going to be able to do some sort of audience targeting they also have a lot of first-party data but they'll be able to do it in a way that doesn't that you know respect people's privacy and yeah you'll see those dollars come back so that's why I referred to as a pothole I it's a big pothole it's but it's not that it's not a bridge that just collapsed you know you're going to be you can they can they got stuck in that pothole more than anybody else but you know the cranes there whatever they're getting a tow trucks they're they're getting out of it they got to do some nobody work they'll fix the car and it'll be back on the road in part because they've got the talent to do it but in part because there are millions of small businesses that are given to going to give them the incentive to do it because they'll get those marketing dollars back once they figure out some of the idea that a. Jason: [48:09] Yeah I always like to remind people that are like The Skys Falling on the advertising industry that you know. It wasn't very long ago that we had much worse targeting than than we have in digital even with idea of a I mean targeting used to be deciding which publication you were going to print your ad in. And they still got a lot of money in the advertising industry so like I kind of suspect that that marketers are going to figure out you know the best ways to invest their money even if it maybe isn't quite as. As real-time as people got used to for a short while. Mark: [48:42] I think you're right Jason. Scot: [48:45] So Mark you in the book you recap kind of this awesome 25-year career and you know one of the things I've learned is if you're in the game of making predictions you know that it's kind of humbling but then you kind of slowly but surely get better at it right you never get to kind of you know a hundred percent but over time you get better and like like for example you learned the lesson of. The companies that are customer focused to do better than investor focused think founder based in that kind of as you as you take those backward 25-year learnings and project them forward what are some of the things that you get excited about looking out the next five or ten years. Mark: [49:23] Well in terms of Trends even the next year or two I think whoever solves. Marketing attribution is going to be worth a lot more in two years than they are today just because there's so many businesses so many marketers that will pay for that. So I you know so that's that's kind of a debt that whoever whoever fills in the pothole that's going to be a very valuable company it's going to be a lot more valuable to years and it is today my guess is that there's gonna be Facebook so I'm interested in that then there's thing this thing called The Medic verse which I don't know this is just virtual reality just renamed do a Google Trends search on metaverse just watch that just spiked up in the last love so you know you kudos to the person who came up with that idea may be excited maybe Jason or Scott maybe was you I. Jason: [50:09] It's just a rebranded second life. Mark: [50:12] Okay and. But but you know the fact that it was two things that kind of struck me there's some pretty big companies throwing a lot of big money at metaverse you know Facebook Microsoft there's a bunch of others and then there's this Roblox generation people young people who are perfectly comfortable living in the meta verse in virtual reality and. [50:38] You know participating in concerts safely and you know and shopping and communicating and entertaining and learning. [50:49] And learning through the metaverse and so you know we knows 8 18 year olds you know get out into the real world you know they're going to be perfectly comfortable in the meadow verse maybe not the way you know not the way that we will naturally be but you know though they'll help us figure it out and so so I'm really intrigued by the metaverse I think it is going to take 5 to 10 years because that to really develop and I'm trying to trying to figure it out who the big winners are but but I'm very intrigued by that. [51:18] Yeah I'm also got one of those oculist you know I've gotten two different versions Generations the it's the iterations of the Oculus Rift and you know i-i've always it's kind of like when I first saw the Kindle you know the first Kindle I ever got was pretty darn kludgy but you know I just love the idea that you could just download any book on the your kludgy device will you know whenever you whenever you were in a Wi-Fi area and and I and you and you just saw how that device got better and better each iteration and so I just think about that with these with these virtual reality headsets I mean they're clumpy their clunky their kludgy it's kind of embarrassing to be have a picture of you taking them but you know just you can imagine already know how much they've improved over the last couple of years and just think ahead is it possible the next five to seven years it's going to be just it's going to be like putting on a pair of sunglasses I think that's what we should be thinking about if you can easily put on a pair of sunglasses and and enter the metaverse and have you know share a virtual you know in presence experience that sounds but that sounds odd or not but you can do that, I think a lot of people will do that and you know the education the work applications around that so I'm very intrigued by that. Jason: [52:28] So you're saying that that could be chewy.com to Google Glasses pets.com. Mark: [52:36] Yes yes I love that yes I hadn't thought about that way yeah and by the way I've got my Google Glass here you know I'm. Got that I got that early version I got the Amazon Fire Phone you know but just be the the early failures sometimes see these I mean they're kind of in the right direction I don't know exactly what there's a there's a backstory to Google Glass that we only partially know but anyway they have the concept is there and and you know the big iterations that these products do get better and as they get better easier cheaper lighter cooler you know like Main Street cooler not Silicon Valley cooler then then markets can appear. Scot: [53:17] I think that's something the three of us have in common I think the three of us are probably the only people that ordered and probably still own an Amazon Fire Phone. Jeff Ellis. Mark: [53:29] And I've Got My Socks.com puppet to it's in my office I put the hits I got it as a warning. Scot: [53:31] I have one of those too yeah we all I guess we all have one of those too. Jason: [53:36] That that puppet ended up being the most valuable asset from pets.com sidenote like I don't know if you followed it but there was there was there was a whole intellectual property fight with Triumph the comedy dog and all that stuff yeah. Unattended value unintended value creation. Scot: [53:53] Mark were you you know we've used up about an hour of your time we really appreciate you coming on the show to tell us about the book when's it come out where can people find it do you do you want them to order from that Seattle bookstore that we've been chatting about. Mark: [54:09] So yeah and thanks Scott Jason I've always enjoyed listening to your show I did tell you it beginning I your analysis recently all birds and Warby Parker I took the heart because I initiated Warby Parker as an analyst but I after after I've seen what your thoughts were on it. So thanks for having me on the show and to talk about the book nothing but Net 10 Timeless stock-picking lessons from one of wall Street's top Tech analyst I just like to nothing but net on a big Hoops fan. And my kids are hoops and that's been my email pack lines there's a lot of meaning for me in that that title it is available wherever fine literature is sold it is available on Amazon it's the it's a top bestseller now and in the business category so I've been I've been just it was just a it was a labor of love for me and throw like a chance to talk with both of you about it because you've lived through the sister just as much as I have and it's fascinating the lessons we can draw from. Jason: [55:01] Well Mark is been entirely our privilege and it's a great sign that you know just halfway through your career you had enough material for an amazing book so I can't wait to read the the sequel after the next half. Mark: [55:13] All right I will talk with will do it again in 25 years. Jason: [55:18] I'm booking it right now. Scot: [55:20] Bring our sock puppet are and pets.com puppets in our Amazon Fire Phone. Mark: [55:24] That's. Jason: [55:25] Yeah everyone else will be living in the metaverse at that point in no one's going to get it but it's cool. But Mark really appreciated your time and until next time happy commercing!
Welcome! Good morning, everybody. I was on WTAG this morning with Jim Polito. We had a lively discussion about the inner workings of the Internet and the decisions that Parler made that may have cost them their business. Censorship, Collusion, and Anti-Trust. Has Big Tech, the Sultans of Silicon Valley, become like the Robberbarrons of yesteryear? For more tech tips, news, and updates, visit - CraigPeterson.com. --- Automated Machine Generated Transcript: Craig Peterson: [00:00:00] Hey everybody. I was on with Mr. Jim Polito this morning and we had a great discussion here. If you want to know what's going on with the internet, and why I call myself an internet originalist, and why you should stick around because here we go with Mr. Jim Polito of course. Jim Polito: [00:00:19] You know what, right now, you want to be right here. We got our guy standing by who better to have with us right now than the tech talk guru. Craig Peterson. Craig Peterson: [00:00:36] Tis I. Good morning. I wanted you to get all excited, and say woo I'm here. I just want it. We have, we're w we're in Providence now we have expanded and the Providence audience doesn't know this and they might think I'm joking. But Craig Peterson actually did help to invent the internet, Al Gore likes to take credit for it. But Craig Peterson wrote code for the internet that is still in use today. Okay. He didn't invent it, but he was like one of the guys at NASA. Who got the Apollo program to the moon? There were many of them and Craig Peterson is one of the many people who get the internet to work. So I just want to make sure people understand those credentials. Jim Polito: [00:01:28] Today we're going to talk about the internet. What perfect timing to have you here today, when there's craziness. There are how many businesses that really could, how many large corporations, big tech, very few who control the whole thing right now. Isn't that correct, Craig? Craig Peterson: [00:01:51] By the way, one more thing for you. I also designed systems that helped to build design and fly the space shuttle. I don't know if you knew that. Jim Polito: [00:02:02] Woah, Woah. Craig Peterson: [00:02:07] Yeah, years ago. I don't think I mentioned that too before. Way back when I was down in New Jersey as a contractor consultant and I wrote this code. It was my company that was hired and we put together systems for RCA Astrospace who was building part of this. One of these days we'll have to talk about it. It was cool. Jim Polito: [00:02:26] I want to hear about that because getting the shuttle to fly, they said was like getting a brick to fly. That's the way that the pilots who piloted it, explained it. So we need to hear that. But look, here's what I'm bothered about. That Apple, Google, and Amazon can say, you know what Parler you're done now. They can say it's because of some disturbing material, but we all know it's because of competition. Come on. That's three companies. That sounds to me like the old robber barons and why we have antitrust laws. Craig Peterson: [00:03:02] Yeah. This is really interesting because we've had so many people, libertarians on out, say it, remember the first amendment, the right to free speech only applies to government. But the concept of free speech is part of the basis of this country. It doesn't just stop at the edge of the first amendment, frankly. I want to point out something else related to this. And that is I am an internet originalist. So speaking about the Constitution and the Supreme court, I'm an originalist. The internet was designed to be decentralized. You could say and do almost anything, as long as it wasn't illegal online. The whole idea behind it was to create and implement new ideas. Anyone could now connect anything to anything. Heck, we even got light bulbs now on the internet? It was an open, free, fair society. It was initially used by the military research people. It was used by universities to communicate with each other. That kind of evolved into the ARPANET. And then they were connected together and it became the internet. Even the term internet tells you what it is. It's an interconnected network of networks. It had no one place that was vulnerable. We could not have Russia blow up a city in the United States and have the internet disappear. It was entirely designed to be decentralized and still pretty much is. The problem is we have these companies, like you mentioned, who are so big, and ultimately so powerful that they can shut things down. So when you talked about Parler as an example of how it was shut down. There are attorneys looking into antitrust regulations because of this. Amazon pulled access to their systems. Now Amazon runs about 60% of the computers in the United States of America. And certainly at a minimum of 60% of the computers that run the internet today. What's happened is they have all of this computing power. They have all of this network connectivity. Remember I said, these are interconnected networks. So someone like Amazon can block data from Parler from even traveling over their networks. Now the internet there are protocols like BGP and others. We won't get too technical, that are designed, well if Amazon goes off the air, or won't route the packets for Parler, we'll send them around another way. It's just like water seeking another way around and it can do that. It does do that. The real problem Parler seems to be facing right now is Amazon doesn't just provide computers. It doesn't just provide network bandwidth. Amazon has quite a number of services. You can register with Amazon, for instance, and have it handle what's called your DNS, which is the internet addressing system. Parler did that. You can have Amazon handle the queue processing, automatic load balancing. Can manage your databases, can manage all of your data storage, but if you're going to have Amazon do these things, you have to write your program, your code, so that it knows how to use all of this stuff on Amazon. All of a sudden now, You are 100% dependent on Amazon. If you're a company that made the mistake of being Amazon, not just centric, but Amazon dependent, like Parler apparently is, if Amazon pulls the plug on you, you are out of business. And then to top it off, you've got apple pulling the plug on Parler's app and you've got Google pulling the plug on Parler's app. Parler was smart enough to say what would happen potentially if the apps were pulled. Parler could be used via a web browser, except for the fact that they're a hundred percent dependent on Amazon and Amazon pulled the plug. Jim Polito: [00:07:36] We're talking with our good friend, tech talk guru, Craig Peterson. So Craig, look you and I could start up a small business right now and with nothing to do with the internet. Craig and Jim's coffee shop. Okay. There's a lot of red tape to go through, but we could start it up and we could do it and we wouldn't be dependent on these corporations. Some people may say you may be dependent to promote it. But what I mean is we could actually start a coffee shop and if we were on a busy enough corner, be okay. We would have certain entities that would have to go to like banks. Okay. Yeah. Small business administration. Yeah. But still, there are ways to do that. Craig Peterson: [00:08:21] There's no real way to do it. You need truckers. You've got to buy the coffee. You have to have the truckers delivered every day. You have to work with a conglomerate, which is distributing cream that you would buy, right? You're not buying it from the local farm. By the way, that truck is probably driven by a union member. So any one of those people. Even if you want to compare what's happening now to starting a printing press and printing your own newspaper broadsheet, whatever it might be, you still have to get the paper. You still have to get the ink. Those suppliers when they are big enough can stop you from competing. They look at newspapers today, for instance, how many newspapers are printed by the New York Times, The Boston globe, including local newspapers. It's one company. Nobody has all of these presses, anymore. I think we've just become far too reliant on these big companies. Now there are some options. There's something called Mastodon out there that is a completely decentralized kind of Twitter, Facebook replacement. Some people have moved to MeWe. The same type of thing can happen if they didn't plan, Jim. Jim Polito: [00:09:40] Yeah, I guess I understand that, but there's no one thing that can shut you down. Like they can shut you down. They can really shut you down. You're done. You want to be in the world online. You're done. Now. My question is so Parler signs a contract with Amazon and less, the Department of Justice decides to go after. Amazon and Apple for and others for antitrust. It's probably not that much Parler can do. Cause you know, I'm a free marketer and a free marketer is Hey Craig Peterson, and his amazing work. He can do business with whoever the heck he wants to. That's Craig Peterson's prerogative and you can't force him to do certain things. I'm not one of those people. When you have this kind of power, I think robber baron, I think back to John Rockefeller and Standard Oil, it reminds me of that. Craig Peterson: [00:10:42] Apparently, by the way, Amazon did violate the terms. Parler every time Amazon has asked us to remove something. We have removed it after, we double-checked it all. We have removed it and they have a 30 day period, according to the contract with Amazon, that if Amazon complains about something, there's a 30 day period where they have the ability to remove it and negotiate with Amazon, et cetera, et cetera. None of that was honored. This all happened over the weekend. Basically with all of these companies. So now we're looking at collusion here. This is fascinating. Then Ron Paul now, it's reported in the Washington Times, Ron Paul says I'm not calling for anything illegal and he's blocked by Facebook. Jim Polito: [00:11:38] Yeah. Yeah. In the weeks to come, I'm sure we'll be discussing this more, but I'm glad you were here. Craig Peterson, how do people get more from Craig Peterson? Craig Peterson: [00:11:50] The best way is just to go to Craigpeterson.com. You'll see right there, the ability to subscribe. You'll see all my podcasts. You'll see a lot of the articles and I've got training starting here in about two weeks on improving windows security. So it's step one. I have these all planned out. We're going to be doing VPNs and everything. Make sure you sign up. Jim Polito: [00:12:17] You can find out about Craig peterson.com. I love it. Craig as usual. Thank you for your expertise. I can't wait till we'll have to talk, NASA someday. About how you taught a brick to fly. But we'll get into that. Thank you very much, Craig. Talk to you soon. Bye-bye. --- More stories and tech updates at: www.craigpeterson.com Don't miss an episode from Craig. Subscribe and give us a rating: www.craigpeterson.com/itunes Follow me on Twitter for the latest in tech at: www.twitter.com/craigpeterson For questions, call or text: 855-385-5553
Welcome! For being locked down do to this Pandemic there is certainly a lot of technology in the news this week. So lets get into it. I will give you my take on a recent federal court ruling about the Computer Fraud and Abuse Act and website terms of use policies. We will discuss the many risks that medical device manufacturers are introducing into hospitals, clinics, and patients. We have a couple of stories about Apple, first off they are ditching INTEL and designing their processors and why the fake news media is so eager to announce problems with their architecture even when it does not exist and much more. So sit back and listen in. For more tech tips, news, and updates visit - CraigPeterson.com --- Automated Machine Generated Transcript: Craig Peterson: Hi everybody. Craig Peterson here another week with the Corona virus, I guess. Well, the latest coronavirus, right? This one is it called? Corona, SARS two. Cause it's another version of the SARS virus. Hey Craig Peterson, here on WGAN heard every Saturday right now from one till 3:00 PM and we talked about the latest in technology. [00:00:30] The things you need to know, things you can do. We kind of have a little bit of fun too. Sometimes we'll get into the real stuff that's serious and sometimes we just talk about some of the cool things and. Well, some things that I like to with the family and all of that sort of thing. And today, of course, is not an exception. [00:00:50] We've got, of course, these SBA loans, and you might've heard me bellyache about these because, of course, they're just not working. Uh, you know, I have a very small company and at the very least, I was supposed to get this little loan that every business that applied was supposed to get, and he supposed to get it within 72 hours. Blah, blah, blah. From the SBA and to date I've gotten absolutely nothing and it's been weeks. And to top it off, I got an email from them a couple of weeks ago that was really ambiguous and saying that maybe I needed to provide some more information. We called them up to try and find out what's up. [00:01:32] Things just don't work there either. It just gets totally, totally messed up. So for me and some businesses obviously, you know, like big ones have gotten millions of dollars, including schools, universities, et cetera. And the little guys that really need the money, we just aren't getting anything. [00:01:55] Welcome to the club if you're one of them. If you're not, I'd love to hear from you. How did you make it work as a small business? Yeah, you can just email me@craigpeterson.com I would absolutely love to know. And then to top it all off, what happens this week? Of course, the SBAs loan system crashes as businesses are trying to apply for this stuff. [00:02:19] Maybe about another, what was it, 310 billion in emergency funds? It was was supposedly released on Monday or made available on Monday, and the portal course crashed and kept crashing all day long. The bankers who are trying to get onto the system to apply and behalf of the desperate clients couldn't get anywhere. [00:02:40] Very frustrating to them. Of course, no integration between the banking systems and the SBA. No integration, easy way for small businesses or even these big businesses that are pretending they're small businesses. No way for them to be able to get the information out there. And many of them are venting online on social media against the SBA, the small business administration that's running the program. [00:03:06] Now I've got to give them a bit of a break because I heard a statistic this week too, that the SBA has processed the more of these loan applications in the last, what is it, a month than they have in the last 15 years, which is absolutely incredible. [00:03:26] American bankers association is on Twitter saying they're deeply frustrated at their ability to access the SBA system. America's banks can help struggling businesses, you know? When did I say at the beginning of all of this. Based on the amount of money they were talking about and assuming that there were a hundred million businesses. I mean, families, excuse me, a hundred million families in the United States. Somebody just do a little quick math here. 100, one, two, three, one, two, three that's a hundred million. Then times 60, one, two, three $60,000 dollars per family, lets see three, three, one, two, three, $6 trillion, which was the estimated cost of the actual first bailout. [00:04:14] You know, you heard 2 trillion and 3 trillion. The actual bottom line was actually 6 trillion. So what we're really, what we're really talking about here is the ability. For the federal government to have given every family in the country $60,000 can you imagine that? What would that do to the economy? [00:04:37] Giving every family in the country $60,000 dollars. Now remember too, that you are on the hook as a family for $60,000 that were given to all kinds of businesses that probably didn't need the money in the first place. And businesses that were, you know, a friend of this Congress critter, that Congress critter. You saw what Nancy Pelosi snuck into the bills. [00:05:03] The Republicans kept saying, they're trying to keep this clean. Let's just get this to small businesses. And of course, the way they set it up, the way they did it just didn't work either. Man is this is just me. Absolutely. Is it just me? Um. Yeah, the program first went in April 3rd it, and it's supposed to help the neediest businesses, these really small businesses, hair salons, coffee shops, dry cleaners, and businesses like mine. [00:05:31] And of course, it just didn't happen. Its Beyond frustration here for me and for pretty much everybody else. So these truly tiny businesses like mine are gone. They really, most of them are gone. I've seen estimates this week saying that it was probably in the order of 25% of them will never be back. And I was talking with one of my daughters this week and a restaurant in our neighborhood that has been here for almost ever. [00:06:06] A very old business. Uh, that restaurant, the building is haunted. It has been around for a hundred plus years, maybe 200 years. I'm not sure. Very, very old buildings. It's been a Tavern, et cetera, over the years. And he said, there's no way he's reopening. He just can't reopen. You know, he's been struggling for years. [00:06:28] It's a tough business to be in any ways, in the restaurant business, and I've seen stats on restaurants saying that we could see a 50% decrease in the number of restaurants. Number of restaurants, just an entirely here, 50% I don't know what the numbers are going to be. Um, Dallas. Here I, there's an article from, uh, the Dallas eater saying that Dallas restaurants opened in our May 1st is a bad idea. [00:07:00] Market watch has a thing about this as well. My state is reopening businesses, including restaurants and movie theaters. Am I selfish if I go?Many U S restaurants say PPP loans don't meet their needs. Yeah, no kidding. Right? Even if you get the money. You're supposed to spend three quarters of it on payroll and you've already laid off your people, how are you going to get them back? [00:07:23] Because they're making more money. As laid off people on unemployment insurance, and they would be, if you hired them back. So they're not going to reopen, and then you got to consider, well, okay, payroll was this much, but they were also getting tips which subsidized it because restaurant workers, many of them of course, making just to two or three bucks an hour. [00:07:46] This is a disaster. It is an absolute disaster. I don't know how many people are going to end up dead because of the consequences of what we did to try and slow down the Corona virus. And I'm glad we're able to slow it down. I don't know. Ultimately if flattening the curve is going to help, because you remember the whole idea behind flattening the curve was we did not want to overwhelm our medical system. [00:08:17] We didn't want the hospitals to be overwhelmed. Because we wanted the hospitals to be able to treat people that had this Corona virus. And they certainly were able to, we're seeing hospitals now, especially small rural hospitals closing down. Some of them may never open their doors again and they're not closing down because they were too busy. [00:08:37] They're closing down because it didn't have enough income because they weren't doing elective surgery. A their beds weren't even close to being full with Covid patients. Some of them only had a couple of Covid patients in them. So what, what , you know, um, and we've already had people who have committed suicide. [00:08:56] I'm aware of one, personally because of losing their job and now they had to pay the mortgage. They had to pay all of their other bills. They didn't have the money. The government was dragging their feet on it. And then the money that the government's been spending that did not end up in our hands, that money now is not only money we have to pay back, but it's going to drive up inflation. And what's that going to mean? [00:09:21] Well, It could mean, well, the antidote for inflation from a typical economic standpoint is well you raise interest rates. Do you remember raised interest rates in the eighties early eighties? I had friends who lost homes because the only loan they could get on their home was a a variable interest rate loan. And so they had one of these variable interest rate loans and the interest rate got up into the twenties. I think I remember it being like 22-23% there it there in the early eighties. And so their monthly payments. Just went up. Doubled, tripled, quadrupled some people, and they couldn't afford to keep their home, so they lost their down payments on the houses. [00:10:05] And people are complaining right now that they cannot get a loan on their home because they don't have enough of a down payment. So the banks are getting free money. From us., Ultimately, right? Or from the treasury. So the banks are getting free money and some of these banks now we're looking for 20% down, again, which is what I had to do years ago when I bought my home. [00:10:27] I never only ever bought one home. So man, things are going to be a mess. They are going to be a very, very big mess. Um. We'll see. In the Financial times, many U S restaurant's highly likely to return the small business aid. I was kind of interested in article denied by insurance companies. LA restaurants are waging a high stakes battle in court now because they had coverage. [00:10:56] It was supposed to cover this stuff and did it? No. Okay. Um. The many privately owned restaurants are saying the Paycheck protection program fails to meet their needs. Oh my goodness gracious. Um. This is, it's very ill suited for their industry from my industry, for most industries. [00:11:19] Basically, if you're a big enough business that you have a full time HR department, an accounting department, you probably could get the paycheck protection program. If you're a small business like me. And things are probably not so good for you, so, huh, man. Anyway, stick around. We'll get into the tech. I promise you're listening to Craig Peterson here on WGAN stick around because we'll be right back. [00:11:55] It kind of sounds like the national restaurant association show here with Craig Peterson, on WGAN. And I was thinking about my, uh, my favorite local restaurant. I love Mexican food. I have ever since I lived in Californ-i-a all of those years ago, out on the left coast. My wife, in fact, the native born Californian, and it, uh, it, I'm, I'm looking at them saying, how are they surviving. [00:12:24] Cause we would go over there once a week at least, you know, taco Tuesday type thing and enjoy ourselves. Have a nice little family outing. I haven't spent a dime there in six, eight weeks. I don't know how long it's been. It's been a very, very long time, so I just don't know. Anyways, let's get in. Let's get into the, um. [00:12:45] The stories for today, and we're going to talk about something that I think is really, really important. Uh, and of course, what else should we talk about? Right? But, uh, we've got, yeah, that was a drum roll. We've got an interesting problem right now. There is a law on the books right now that are inplace and has been in place for about 30 years, and it has to do with the definition of hacking. What is hacking, and it made sense about 30 years ago. [00:13:22] Nowadays, it really doesn't make a whole lot of sense. Because we've got these terms on websites. So for instance. We'd talked about two months ago about a company that was scraping all of the information they could find about us, including our, our pictures, our video, our voices. But primarily they were after our pictures and from every site they could get their hands on from any site whether or not they were violating the site's terms of service. And some of these sites have sued them, et cetera. They've been hacked, and I guess that's what happens when you become a big target. But where should it be going? What should we be doing? We've got a problem right now, and there's a lawsuit that's been initiated by a group of academics and journalists, and of course the ACLU is behind it. [00:14:18] And you know, most of the time I look at what the ACLU is doing and wonder what it is they're up to. In this case, I think they might actually be doing something right. Isn't that nice for a change. They're arguing. That having these investigations against racial discrimination in online job markets by creating fake accounts for fake employers and job seekers. [00:14:49] Is that something that should be done? Right? Leading job sites out there in terms of service that prohibits that, right? So users of these sites are prohibited from supplying fake information, and the researchers are worried that the research could expose them to criminal liability. Because they're posting these things on the site and then they're trying to analyze all things being equal. [00:15:14] Was this a case of racial discrimination? So in 2016, they sued the federal government, and they're asking for whether a decision based on what they're saying is the First Amendment that you could in fact do almost anything online and get away with it. Now, I, for instance, you know, I have been using fake information on websites for a very long time, so when I go to authenticate myself, you know, they'll ask, what street were you born on? What's your mother's maiden name? I always make stuff up for that and I record it. So that later on I can always dig it up because you know someone can go online, they can become your bestest to Facebook friend. They can look at LinkedIn, find out about you and your history. And the younger kids these days have all of the information online and will for their entire lives. [00:16:17] So I have always used different email addresses, different versions of my email address, completely different names made up everything. Now obviously. When it comes to an official thing, like a bank account or government stuff, I'm not lying about anything except for my authenticity to be able to log into the site. [00:16:42] So I'll give my correct social security number, et cetera, et cetera, when it is required, because obviously would be a violation of a law, but they're saying. That under this federal law that's out there, the computer fraud and abuse act, it's been around for 30 years. Would it be illegal to create these accounts where we're just trying to figure out, are these people discriminating. So there is a federal judge by the name of John Bates who ruled on Friday a week ago, that the plaintiff's proposed research would not violate the CFAA, the computer fraud and abuse act provisions at all. And he said that somebody violates it when they bypass an access restriction, like a password, but someone who logs into a website with a valid password does not become a hacker simply by doing something prohibited by a web site, terms of service. [00:17:45] So that I actually, I think was a good ruling here. Now from the ruling itself, criminal is criminalizing terms of service violations, risks, turning each website into its own criminal jurisdiction and each webmaster into its own legislature. Yay. At last. Right now, unfortunately, courts are disagreeing about how to interpret this. [00:18:12] If this law is around forever. In Oh nine the California federal judge, right? What else? Ninth circus rejected a CFAA prosecution against a woman who contributed to a, myspace hoax that led to the suicide of a 13 year old by the name of Megan Meyer. And in that, the prosecutors argued that they had violated my spaces, terms of service. [00:18:40] In 2014 the night circus, uh, rejected another prosecution based on terms of service violation. So obviously I'm in favor of this. They're kind of moving in the right direction. We've got the seventh circus, uh, ruled that an employee had violated the anti hacking law when after quitting his job, he wiped an employer owned laptop that contained information that was valuable to his employer. [00:19:08] As well as the data could have been revealed misconduct by this person. So I think most of the way we're talking about the courts coming down the right direction here, but, uh, I, I'm very glad to see this because you know, that I. Protect site against hackers and hacking, not just websites, but businesses, right. [00:19:30] Including a real enterprise is real big businesses and I've done that for years. Usually the smaller divisions, because even the public companies have their own it staff and you know, they hold it all very close to the chest. It's in tasks. I don't trust anyone else. Don't, don't go with that person. Don't do what they say. [00:19:50] Yeah. Right. Which is, or I kind of get it cause I'd probably be saying the same thing, right. Cause I know what I'm doing, but in many cases they're just trying to protect their jobs. So when I am. Doing this. One of the things we do is have a honeypot set up. So what happens is the bad guys get onto a network and they started attacking. [00:20:13] They're immediately going to get into the little honeypot and the honeypot looks like an unpatched system. Might be a Linux system. Usually it is, or it might be a windows system, and so they start hacking away at it. And that immediately just sets off a trip wire, right? Cause I know, wait a minute, wait a minute. [00:20:33] Somebody's breaking into this system. So we monitor pretty closely. We know what's happening on it. I basically, all of the time, and there were interpretations of that law that would say that what I was doing was illegal. It was part of security research, even going on to the dark web and downloading some of these databases of hacked accounts. [00:20:55] Passwords, usernames, emails, et cetera. Even going online, looking for my client's information on the dark web could be considered to be illegal, so we've got to update these laws. There's a whole lot more, obviously, that we have to update, but I'm glad to see some of the stuff coming down on the right side. [00:21:15] Hey, we've heard about companies moving back to the U S now because of the Ruan virus and other things China's been doing. To our U S corporations for years. Uh, did you know Apple is doing something completely differently to this year that will potentially get them out of China, at least for the most part, stick around. [00:21:38] We'll be right back. This is Craig Peterson here on w G a N and online@craigpeterson.com. [00:21:54] Hey, welcome back. Craig. Peter sawn here. Listen to me on w. G. A. N I'm heard every Saturday from one till 3:00 PM and on Wednesdays I'm on with Matt during the morning drive time. You can pick me up at about seven 34 or every Wednesday morning as we talk about the latest in the news of technology. Hey, you might've heard of Fox con they are a big company based in China. [00:22:26] They have offices while manufacturing plants, frankly, all over the world. They've got factories in Thailand, Malaysia, Czech Republic, South Korea, Singapore, and the Philippines. They also were talking about opening up some plants in Wisconsin. Apparently those never actually opened, but they are. Busy worldwide. [00:22:49] And Fox con is Apple's longest running partner in building I-phones and some of the other devices that China makes. I mean, that Apple makes or sells, right, because remember who makes this stuff anymore? Well, Apple hasn't been making its newest IMAX or not IMAX. I shouldn't say a Mac pros. Yeah. In the United States. [00:23:14] Again, not that itself, it's a contracted manufacturing company, but the Mac pro, the one that came on 2013 as well as the new Mac pro are entirely made in the United States. Now, when we're looking at things like the iPhone and some of these other devices, yeah, they are certainly manufactured by Foxconn in China. [00:23:38] In mostly in at Shenzhen China location, but in fact, key iPhone components, according to Tim cook, are manufactured in the United States and then shipped abroad. And then the devices are assembled by Fox con, and then there's another company called Pegatron in China. Bottom line. What they are doing and what Apple is doing is protecting its intellectual property. [00:24:08] And we've heard of this before, haven't we? Where companies are in China, China requires them to give all of their intellectual property to their Chinese quote unquote. Partner, right? And Chinese national has to have at least a 50% ownership in it. It's real problem all the way around, and when we're looking at what's happening with the iPhone in the manufacturing in China, things are going to be changing. [00:24:37] In fact, they're going to be changing for a bunch of Apple's devices, including some of their new Mac books. If you've ever gotten into some of the hardware details inside of. It's a Mac books and, and in fact, they're Mac computers. Over the years, Apple has gone through a few different CPS. They were using the power CPU while before that they were using the murderer, Motorola, the 68,000 based CPS and a very, just an amazing CPU. [00:25:07] I remember at the time doing some operant system ports to it. It was just amazing. And then they went to Intel and, um. After. I'm not Intel, I mean, power PC, which was an IBM design. Frankly, power chips are the most amazing chips there are. Uh, from a cost perspective and performance. It's just, they are absolutely amazing, but they run hot and they use a lot of electricity, which is why you don't want them in a lab. [00:25:39] Top and Apple was not, or excuse me, IBM was not able to deliver to Apple chips that would meet their power requirements and performance requirements. So Apple said, okay, well we're going to switch to Intel because Intel promised that they would be able to provide the faster chips and they run cooler, so they'd be better for laptops and things, and they started using Intel. [00:26:04] And Intel worked out okay. Right now, by the way, uh, Intel is losing the performance war to AMD advanced micro devices. So that's kind of cool to hear those, you know, those things kind of shift back and forth every once in a while. But Intel has been unable to meet Apple's delivery requirements, and Apple's have been pretty tough over the years. [00:26:25] Look at what Johnny Ives has done with some of the designs, but Apple says, Hey, listen, we need a. Perf performance increase in the processor and we want to choose less juice and give off less heat. Well, those things are all difficult to do for a microprocessor manufacturer. So what Apple decided they would do is they went to an open source CPU design and started with that base and went on from there to have some just absolutely amazing chip designs. [00:26:58] Now I, I love some of these designs and they're showing up. But in all of our I-phones, if you have an iPhone or an iPad, you're using one of Apple's chips. Uh, the age 12, I think is the latest one. I'm trying to remember, uh, the version numbers, but, but they're made by Apple quote, unquote. In the U S for the most part, certainly not in China, and they are very efficient from a performance standpoint. [00:27:27] They're very fast. So they've been doing a very good job with these. Now, I, I talked to a couple of weeks ago about how much an iPhone would cost if it was made in America, and I saw another study that came out last week, so I had to bring this one up because the other one. Wasn't that clear. They figured it would only be a hundred $200 more. [00:27:48] So Wes, what RAs? Why Lara? This is from fi.org. You'll find this article online, uh, which is the foundation for economic education. And this is an article by Mark Perry. He's saying that an iPhone that today costs about a thousand dollars if it were made entirely in the United States, if it even could be, because believe it or not, the United States has fallen behind. [00:28:21] In manufacturing technologies because we have blood, China get ahead of us. We gave them all this technology to start with. I've complained about that before too, and now they are ahead of us, so we don't even have the ability to manufacture these things here in the U S right now, we not only have to ramp pump, but we'd have to develop some new technologies and. [00:28:45] That thousand dollar iPhone that is assembled in China that has some component parts made in the United States would push the price of an iPhone components from about 190 $190 that's what it costs right now. Estimated, right? Apple doesn't release these numbers, but estimated to cost $190 right now, it would be about $600 if it were. [00:29:12] Made in the us. So if the materials alone are costing better than triple what it would cost in China, we could probably see a $2,000 iPhone. Now, do you remember that the U S is only bringing in 6% of the profits from iPhone sales? Two out of three iPhone purchasers are not based in the United States. [00:29:38] Now, that's a huge change from years ago when most of Apple's customers are in the U S but right now with the whole. A wound virus has been spreading in China. The app, the iPhone sales are way down, and that's probably also true of other countries as well. So this is going to be an interesting little battle as we go ahead. [00:30:00] But here's the really big news as far as I'm concerned, and that is. That Apple is going to start making the Mac book using their chip sets. So like these eight, 12, and other processors I've been talking about, they've got the, uh, a fourteens are the new ones that are coming out. I think I got that model number right. [00:30:27] But these are 12 core chips and they are actually. Two chip sets. There's uh, that, that are in one package. It's just amazing what they're doing, but some lower powered ones for doing things that don't need a lot of CPU power and some higher powered ones. And they're going to be coming out in the new iPhones and the new iPad, but they are also going to be coming out in the new Mac books now that. [00:31:01] Is amazing. 12 core CPU is aided by a graphics processor that is probably going to have its own collection of cores. This is amazing. If you look at the current iPad pro tablets that are using the eight 12 X and Z chips, we're talking about an Apple iPad pro outperforming. 90% of recent PC laptops, so this could be amazing. [00:31:31] Apple's moving this, some of this back to the U S and they're getting Intel out of the way, and I think that's a good thing, frankly, for Apple. But listening to Craig, Peter sauna, WGAN stick around. We'll be right back. [00:31:50] Hello everybody. Welcome back. Craig. Peter Assan here on w G a N having a good time today. Hopefully you guys are as well, whether you are kind of locked up in the home maybe or any central person like you, me and your, you're out and about and maybe taking a little time on Saturday too. Work in the yard. [00:32:12] I appreciate you all being with us today. I have just absolutely amazed here what Apple is doing and congratulations to them now once get into our hospitals cause they've been in the news a lot lately. You know, we've got people. Who will have the Woodlawn virus, right? Who have the symptoms of this coven 19, which is very bad. [00:32:39] And, uh, it's particularly bad for older people. We have seen now covert 19, the average of the average. Age of someone who died, what state was, it was like 82 I can't remember if that was a single state or if that was a Countrywide, but that is frankly, absolutely amazing. That means it is killing older people, but we're also seeing other symptoms. [00:33:07] Now we have, people are getting blood clots. You heard about that athlete that had to have a leg amputated. Again, it's absolutely amazing here. Uh, hospitals right now, according to the New York times, this is from Wednesday this week saying that airborne coronaviruses detected and woo Han hospitals right now. [00:33:29] That is not good. Um. It's man. I'm just going through these articles. It just, it just, I shake my head, but we're starting to see some electric surgeries coming back to hospitals. Uh, most of these field hospitals that were set up or shut down. Down, they were largely unused and right here, according to the Bangor daily news on Wednesday, we've got two bankrupt main hospitals warn they could close in June if they don't receive stimulus funds and president and Trump has announced that, yes, indeed, our hospitals are going to get stimulus funds. [00:34:08] But if you heard me at the top of the hour, you heard. You heard me talk about how, uh, you know, we were promised funds too, and we just haven't gotten any. So it's, this is going to be a very, very big problem for us all. Uh, and when we're talking about hospitals, there's one other angle or that people just aren't paying attention to right now. [00:34:30] You know, w we talked about the ventilators. And there w there just weren't gonna be enough. Right. And here in Maine and all over the country, there were more ventilators than were needed. And that's true. New York as well. And come to find out, of course they sold 500 ventilators rather than maintain them. [00:34:52] And instead of ordering more ventilators, what did the government do there in New York? While they just commissioned a plan as to how they were going to ration them, who got. To die, right? That's socialized medicine for you. If I ever heard the definition of it, a total death panel, but the good news is we didn't need all of those, but we've got the internet of things and we've talked about it and I've talked about it in my tree trainings and we go into it in some depth. [00:35:21] In my courses, but the so called internet of things also extends to our hospitals. It's the internet of medical things, and these devices are going online. Hospitals and medical facilities are really starting to stare this in the phase. And I mentioned when I was on with Matt Gagnan on Wednesday morning this week, that there is a problem been around for a long time. [00:35:50] I have my first, in fact, a hospital chain as a client was 25 years ago. Maybe. And we were trying to clean things up for them, fix them, network stuff, put some security stuff in place. And what did we find? Well, those those machines, those hospitals, plus all of the clinics that were affiliated with the hospital had old hardware that they just weren't taking care of. [00:36:18] These devices that are controlling the systems in the hospitals. Everything from the air ventilation systems through. All of the medical equipment. Think about all of this stuff right from the, the drip machines, the Ivy machines, the ventilators, our the MRE machines, the x-ray machines. Some of these devices are running very outdated operating system. [00:36:46] Some of them are still running windows 95. Windows XP, windows seven none of which are currently getting patches or updates, and many of them were never intended to go on line at all. Think about that. When, when they were designed the windows 95 and XP. They weren't thinking about these things being hooked up to the internet or even other networks really. [00:37:13] They were just kind of standalone systems that sat in a corner and then the programmer said, Hey, listen, we can add, there's really cool feature. We'll tie them together. And so doctors can look at x-rays remotely. And so a system that was never designed with network security in mind all of a sudden had a network connection all of a sudden was being used online on a network. [00:37:35] In a hospital that had never set it up properly in the first place. I really wish more of these medical centers in the hospitals would call me because they need so much help, and many of them don't even realize it. They, these things have no cybersecurity protection whatsoever, and then the hospital networks are often not even segmented. [00:38:01] That's something I teach home users to do. So that's allowing attackers to enter anywhere in the hospital and move around so they can get to the billing. They can get to all of these machines there. Even being researchers that are saying they have seen hackers inside cardiac pacemaker machines. Think about that one for a little bit. [00:38:28] How about if it gets onto one of these machines that's running on an older version of windows or even a brand new one that hasn't been patched up and they get onto it to a hacker, it may just look like, Hey, this is just another windows 10 machine. I'm going to use it for Bitcoin mining. I'm going to use it for spreading ransomware around. [00:38:48] You think that might be a problem? So it is now Bitcoin mining instead of watching your cardiac rhythm. Right? And so when I was going to overheat, it's gonna use up all of the systems, resources. It's going to spread ransomware throughout the hospital. We've seen that again and again and again and again, and we've seen that again and again in , even in our state, New Hampshire has had this as well. [00:39:17] I talked to and helped a school district that had been nailed by ransomware and they decided they were just pay the ransom, which by the way. Tells the ransom Merz, Hey listen, let's hack them again and put another ransom on. Cause we know they pay the ransom right. So there's third problem the hospitals are having is with all of this vulnerable equipment. [00:39:40] They're not replacing them. They're not upgrading, and they're not patching them. And not enough of this equipment has been recalled by the manufacturers because the manufacturers have gone on to a newer model, Hey, listen, uh, no need to update that machine or buy a new one for only $50,000. So where are the manufacturers spending their time? [00:40:03] Where are they focusing their efforts? Well, obviously they're focusing their efforts on getting them to buy a new machine to design these new machines. It is a very, very big, big deal. Now, another one of the big attacks, most common, I mentioned ransomware when it comes to the intranet of medical devices, but. [00:40:26] The other big one is a distributed denial of service attack. Cause you remember these devices in the hospital are performing critical. Things, right? Very critical functions that, as I said, there might be running a cardiac machine on MRI. They might just be keeping track of doctor's notes, all of which are critical. [00:40:49] So if a nation state specifically targets an IV pump and changes the dose of medication, what do you think will happen? It certainly could happen, but the more basic thread is. These devices getting a denial of service attack. So the whole network at the hospital becomes overloaded and now nothing works at the hospital. [00:41:18] So there's, there are just the basic threats that aren't being taken care of. Ransomware, phishing emails, and these attacks are targeting the weakest and the oldest operating systems that are typically running on these devices and hospitals are top targets. Now, one of the big hacking groups out there that has ransomware all over the world said, Hey, listen, in this time of covert 19. [00:41:44] We are not going to be attacking the hospitals because it just isn't fair. And in fact, they have been attacking hospitals. They are the top targets still for ransomware because they're very vulnerable and they pay. And that's why, what was it, five years ago? Seven years ago? I designed a system just to, it's a small computer. [00:42:09] Based on a little in Intel Adam chip that sits in front of these devices for manufacturers, for controlling valves for more critical equipment. It just sits there. And it is a specialized firewall for that piece of equipment. So this is a problem. It's a very, very big problem in hospitals, frankly, are afraid to do anything because they're afraid they're going to get sued. [00:42:37] Their insurance companies are sitting there saying, Oh yeah, yeah, well, if you're going to do an upgrade, the equipment might not work. Properly and you might get sued. So we're going to increase the fees for our, for our services, for our premiums. Premiums are going to go up. Okay. So they just don't want to do anything. [00:42:58] And then you got the FDA right? Man, does this story ever end? And, uh, FDA is saying, Hey, listen guys, we're okay with you doing patches, the hospitals afraid of recertifying. And I love this quote here. Uh, it says it's a willful lie on the part of some stakeholders in the system that you can't update medical devices. [00:43:25] Why do you think that. W why do they think that? Well, bottom line is that. These device manufacturers are telling them, you can't update because your insurance premiums are going to get too high. The FDA says it'll have to be read, type accepted for use, et cetera, et cetera. But I want to let you know if you work for the medical community here at any level, the FDA. [00:43:54] Has post-market guidance that they issued in 2016 and in that, the FDA explained that while federal regulations require manufacturers to report certain actions, the majority of the actions taken by manufacturers to address cyber security vulnerabilities and exploits are generally not considered to be a type of device enhancement for which the FDA. [00:44:21] It does not require advanced notification or reporting. So some good news there, we'll let the hospitals know. If you're involved with this industry, guys, pull up your socks. Hire security specialist. Some of them have been doing it for awhile. That can really help you out because there's so much to know. [00:44:40] Hey, you've been listening to Craig Peterson and WGAN and online@craigpeterson.com stick around. [00:44:51] Hello everybody. Greg Peters song here. We of course are on every Saturday from a one until three and I'm on with Matt Gagnan as well on Wednesday mornings during drive time at about seven 34. I've been in the tech business now for many decades, and then the security business helping businesses secure their internet connections. [00:45:16] Really since 91 and I have quite a backstory, and one of these days we'll have to have to share it with you, but I'm a business guy and this whole security thing, you know, back in the day. I did not really understand security, probably like a lot of you guys and uh, but I was very, very technical. I had helped to implement a number of the protocols that are used on the internet and that was a big win for me because I was able to take what I knew, dig into it. [00:45:47] It took me a few days to figure out what had happened and then lock things down and I was kind of years behind at that time. Point because the, what I got, which was called the Morris worm, had actually been known for a few years before it hit me. And that was kind of a shame. So, you know, back then, of course you didn't have Google. [00:46:09] AltaVista wasn't around yet. None of this stuff was out there. We were using a gopher search engines, right. Or Veronica, Archie, Jughead back in the day, and trying to figure it out was really a bit of a chore. Once I figured it out, it was easy enough to fix, but I almost lost my business over that and that was a very scary occasion for me. [00:46:29] So I have really kind of dug into it, and I've been helping out a lot of businesses here over the years to help be secure, and I'm doing the same thing as well. For individuals. And that's what this show's all about, right? We're trying to help you guys out with that. Talk about some latest cool technology. [00:46:48] And, uh, I was so successful in being able to help outfit, I was even drafted by the FBI's InfraGuard program and trained, I've trained thousands of businesses literally here across the nation on what. To do in order to keep safe, and I continue to do that with free webinars, courses, memberships, all that sort of stuff. [00:47:10] Anyhow, if you miss the first hour today, I talked about a change here in the way criminal hacking is being looked at by our courts, and that's. Very good things about time. They changed that Apple is going to be selling max with its own processor starting in 2021. Say goodbye to Intel, and I would add to that. [00:47:34] Good. Riddens uh, also the internet of medical things. You've heard me, if you've been listening to me. Uh, you've heard me talk a little bit about the internet of things. Well, there's something called the internet of medical things as well, and that is frankly very, very scary. So that's how we ended up last hour. [00:47:56] And I want to invite everybody to go online. Go to Craig peterson.com you will see all of the articles I talk about today with all of the background. You can listen to my podcasts, you can watch my videos every once in a while. I even have some trainings. Up there, but if you sign up, you can get my weekly newsletter, which does contain all of that stuff. [00:48:19] Craig, Peter, sawn.com/subscribe so you can just get out your phone. It'll work on your phone. It'll work on your desktop, on your laptop. Craig Peterson. Now I saved Craig Peterson because it's an O. N it's not an E. N, it's N. O. N. Alright, so it's Craig, CRA, I G just like you'd expect Peter sohn.com/subscribe and I do not. [00:48:46] I do not pass to you. In fact, when I have something that I am launching, you know, a new, a new course, a new product, whatever it is, I will give you the option to opt out of that. If you're not interested in it, and I, I, you know, just click right there and you'll still get my weekly newsletter. But you won't hear anything more about that particular promotion that's going on at the time. [00:49:09] So I'm not like some of these marketers that just slam you every day. I don't even consider myself a marketer. Right? I'm a tech guy that happens to have something to sell, not quite the same thing. Anyhow. Um. Yeah, w and the plenty of free stuff. A lot of people just use the free stuff and that's all they need. [00:49:30] We have a report that's been in the media that I want to talk about right now, and this is a report about this so-called zero day exploit against iOS. Now, what is zero day exploit? Basically. Uh, what we're talking about when we say zero day means, uh, it's kind of like patient zero, who was the first person to get the Corona virus as an idea, right? [00:49:57] That's patient zero zero day here. When we're talking about some of these hacks means no one has seen this particular hack before, at least no one was aware of it. Now, sometimes the government agencies. Of our government and other foreign governments, we'll find something out. Of course they won't. Uh, they won't tell us about it. [00:50:20] Right. They'll just kind of use it. That has actually changed under the Trump administration. President Trump has been adamant that they share this information. I'm sure that keeping a couple of things back, but the NSA even has been sharing information about exploits that are going on. So we're funded about more and more of them, but in this case, there is supposedly an exploit that's out there in the wild. [00:50:46] And then the wild means it is being used. It has been seen out there. And this particular exploit is supposed to be used just by sending out a specially crafted, uh, email. Okay. And I'm supposedly, I saw another article that was saying, Oh, it's especially triggered SMS, a text message or message message or something. [00:51:11] So there's a San Francisco based security firm named Zach ops, and they said on Wednesday that attackers a dues the zero day exploit against at least six targets over a span of at least two years. Well. Now that's being disputed because Apple is certainly acknowledging that there is a flaw in the mail app, but it is a bug that causes the app to crash. [00:51:39] It does not give the bad guys access to anything. Basically. So the bad guys, certainly, yeah. They could crash your mail app and it's just going to restart automatically, or are you going to click it and it'll re restart right on your iOS device. But in this case, what we're talking about is something that's really a whole lot different, a whole lot worse, or is it frankly, right? [00:52:04] If it's not giving them access to your data. Is it really worse because it can't take full control of your iPhone, unlike what some of the media outlets were talking about. So Apple had declined to comment on the report, but they came out and they said that the bug posed a threat to iPhone and iPad users and there had not been any ax exploit at. [00:52:29] All in the statement they said, Apple takes all reports and security threats seriously, thoroughly investigated. Researchers report based on the information provided have concluded these issues do not pose an immediate risk to our users, and they go on to say that they found these issues in mail that. [00:52:47] Cannot bypass the iPhone and iPad security protections and no evidence that they've been used against customers. Now Apple's really good too about trying to track what is happening on phones. You might have noticed if you go in complaining about a problem with your phone and you go into the. Oh store. [00:53:04] They can look at logs on your phone to see if the app has been crashing, et cetera. So yes, indeed, they can check this out and take care of it. There have been a number of independent researchers that have also questioned the conclusion that zinc ops came to, and I think this is good. You know, you've got to be out there. [00:53:26] You've got to be talking about these things. Apple did respond. I like the fact that it was all public here. And that people were able to look at it and kind of figure out what was going on. Cause there have been exploits. We know that the WhatsApp app has been nailed a few times and I think part of the reason for that is WhatsApp is supposed to be secure. [00:53:47] Well, how secure is it. Really, and so they, the bad guys are constantly kind of going after it, trying to prove that it's just not secure at all. But really they identified a crash report. They found a way to reproduce the crashes and some circumstantial evidence. Told them that may be this was being used for malicious purpose purchase purposes. [00:54:11] Okay. Um, so, uh, anyways, that's where that stands. So what to do, obviously keep your software up to date. Apple is very good, unlike again, in this month. Microsoft's updates ended up causing serious problems. For some people. Apple's updates rarely cause those types of problems, and when we're talking about iOS, they just don't get any easier. [00:54:39] You can apply them very, very simply. In fact, they will usually, if you have automatic updates turned on on your iPhone or iPad at night, while it's sitting there on the charger, it's going to go ahead and update itself, upgrade itself, and then the next morning, Qatar, you've got the whole new operating system you had to do. [00:54:57] Absolutely nothing, which is, man, that is my idea of an easy time, and you've heard me before, I'm sure say don't use Android and people just, I ignored, I don't understand why. Right? Some of these people, like Danny, for instance, I'm thinking of, he follows. Everything I say to the T and it has saved him again and again. [00:55:22] In his small business, he has a franchise restaurant and you know, Oh, we'll see how the restaurant business does, but he's doing okay right now, but he still uses an Android phone and I don't get it. You know, I, I'm not really fond of. Any of these big companies, politics, you name the company, the politics are probably bad nowadays. [00:55:44] You know, it used to be assumed that, Oh, big corporations, they were big, they were evil, they were nasty. And if you notice the Democrats, now they're not talking about the evil millionaires. They're talking about the evil billionaires, because of course they're millionaires, right? To all of them, Joe Biden, Nancy Pelosi, the senators out there in California, Feinstein and others. [00:56:06] But, um. You know, the these big companies, so many of them are so left-leaning. It drives me crazy, so I get it. If you don't want to use Apple stuff because you don't agree politically with Apple, I think that's an okay reason. But reality sets in. And you just can't continue to use Android. You really can't. [00:56:27] And if you can get off of windows, you should do that as soon as you possibly can. Anyhow, that's just my opinion. So stick around. When we come back, we've got more to talk about. Of course, we're going to get into a very kind of an interesting problem over at Amazon. You're listening to Craig Peters on a w G a N stick around. [00:56:50] We'll be right back. [00:56:55] Hey, welcome back everybody. Craig Peterson here on WGAN. You can hear me, of course. Every Saturday from one til three. You also can listen to me on Wednesday morning. Yes, I'm on with Matt Gagnon. Did you know there was a morning show. Yeah. Drive time. So I'm on with Matt every Wednesday at about seven 34 for a few minutes to talk about the latest in technology news. [00:57:23] And of course we get to spend a couple hours talking about this in more detail on Saturday. Well, we just talked about this iOS zero day bug, and what does that mean to you? Doesn't look like it's totally legit. Big, big problem with our medical devices and hospitals and otherwise they are still running windows 95 X P if you can believe that 2007, none of which are supported anymore. [00:57:55] And, uh, you also went into what. Uh, what really has been put in place out there to allow them to do upgrades and updates, but there's so much obfuscation. It's crazy. And then courts violating a site's terms of service is not criminal hacking. So if you missed any of that, you can find it online. You can just go to Craig peterson.com/iheart I also post this whole show as one podcast that you can find on your favorite podcast platform, whatever that might be. [00:58:31] By just searching for Craig Peterson. Or the easy way is go to Craig peterson.com/itunes or if you're like, hi heart, you can go Craig peterson.com/iheart or Craig peterson.com/soundcloud et cetera, et cetera, okay? But it's all out there and you can get the whole show, all kinds of. Put together for you, which I think makes some sense. [00:58:57] Amazon is the 8,000 pound gorilla out there. They have been just really taking over the online retail space in a very, very big way. In fact, the Amazon counts for about one third of all. US-based internet retail sales isn't that huge? Can you imagine having that kind of market share? One third of all of it, but it didn't get there entirely on its own in case you're not aware of it. [00:59:31] Amazon has about half of their items being sold by small businesses, by third parties, and you might've noticed that on label sometimes where the third party, uh, will. Ship has something to you directly, and yeah, it looks like an Amazon box and me having an Amazon tape on it. But in reality, what we're seeing is a return address that might not be Amazons. [00:59:57] Well, these typically are smaller vendors, so think of that for a minute. We've got about a third of all retail sales going through Amazon and about half of those coming from small vendors. That's a very, very big deal. And with the businesses the way they are today, you might want to consider. Should you be selling online? [01:00:24] A lot of companies abandoned eBay because of their pricing strategies and they moved over to Amazon and it's been okay for them over there. But I want to tell you about the problem that's happening right now at Amazon. And this is something I've seen over the years that has bothered me a lot. And I had over the years, a number of friends that had started software companies and some companies that I didn't even know that were. [01:00:57] Well, you know, I knew all of them, but I didn't know the owners. Then they had database software, they had scheduling software. They had a lot of different things, and what Microsoft would do is they'd, they'd keep an eye on the market and they'd say, Oh wait, wow. Wow. That database is doing really well and it's winning. [01:01:18] A lot of DTA deals that our database software's not winning. And the allegations were that what Microsoft was doing was kind of being a predator here cause they would go to the company that had the database software and uh, chat with them and see if the company would sell out at a reasonable price. [01:01:42] And then this is so anti competitive. It's crazy. But then. If that company didn't want to play ball, like sell themselves for super cheap to Microsoft, well, Microsoft was accused of doing and what Microsoft hadn't been convicted of doing in courts now is they would announce a product that competed directly with the small guy. [01:02:11] And wait to see who asked about it. So Microsoft would say, yeah, we have a database product for small businesses. Very easy to use. Drag and drop interface. Everything's going to be great. You are going to love it. And then Microsoft would sit there and see of companies would start calling them and say, when's your product going to be available? [01:02:34] What am I going to be able to do this? Well, in some cases they waited a year or more. And they never ever came out with a product. But what do you think happened to Mr. Small guy out there, the small business that had investors where the owners, they were founders had invested thousands of hours into it, maybe their entire life savings. [01:02:58] Well, people, companies, and I experienced this personally, companies who would sit there and say, well, you know, Microsoft is going to come out with something here. I want to see what Microsoft does. And so that small company. W is now out of business because what are they supposed to do? People aren't buying, you know, their models were based on so many sales and that was based on the people liking their product and talking about it and the marketing dollars they were spending. [01:03:29] But that money was going down the drain because Microsoft was there saying, yeah, yeah, yeah, we'll, uh, we'll, we're going to do this. Yeah. Yeah, us, us, us. And so they got sued again and again, and they lost in court, but it was still cheaper for them and then made more money. Think of the billions in cash some of these companies are sitting on and, uh, that is a bad thing to do. [01:03:52] It really does hurt commerce. It certainly is not free trade. Uh, of course, we live now, I think in a largely a crony capitalist system. And they played that game. They played it very, very well. Well, back to our friends here, Amazon. But yet, you know, those allegations are still floating by the way, about Microsoft and many other companies that appear to be doing that thing in. [01:04:18] Here's what happened to them. Amazon. What happened was Amazon started looking at the merchants that were selling third party stuff on their websites, and the wall street journal has a great report on it right now because Amazon has its own in house brands. So it's making itself a direct competitor to many of these merchants who rely on the Amazon platform to reach. [01:04:50] Consumers. So now you've got your little product. Amazon is selling something that's similar to yours, or at least competitive with yours, and that's bad enough. But the wall street journal reviewed some internal company documents that showed that Amazon executives were asking for and getting data about specific marketplace vendors despite corporate policies against doing so. [01:05:23] Despite the fact that Amazon had testified in Congress that they never did this. And according to the wall street journal, more than 20 former employees told them that this practice of flouting those rules was commonplace. We knew we shouldn't, but at the same time, we're making Amazon branded products and we want to sell them. [01:05:48] So here's what they were doing. Amazon was looking. At what was being sold out there. And this one example that was given was something that I've bought. It's a car trunk organizer, and apparently Amazon employees access documents relating to that vendor's total sales. What the vendor paid Amazon for marketing and shipping and the amount Amazon made on each sale of the organizer before the company. [01:06:20] Then unveiled. It's own similar product. They're getting around the rules here. W we'll get into this when we get back. I'll tell you about some of these Amazon brands that you might not even be aware are Amazon brands. You're listening to Craig, Peter sawn here on w G a N every Saturday from one til 3:00 PM cause stick around. [01:06:43] We'll be right back. And of course there's a whole lot more to come today. [01:06:52] Hey, welcome back everybody. Craig, Peter sawn here. We were just talking about our friends at Amazon. I remember getting really, really upset with them. I sent them a a note, uh, years ago, decade or more, certainly more a go because Amazon decided it would patent something that it called one click ordering. [01:07:17] As though one click ordering was like some major leap forward and, and, and I couldn't believe the us patent and trademark office actually gave them a patent because I knew other sites that were doing it as well. It. This whole thing is totally upside down, not just with Amazon, but now you can get patents on almost anything and not, not just, I'm not just complaining about business processes here, business process patents, which, uh, I don't like. [01:07:48] Uh, but all the whole patent world, the whole thing has been changed, turned on its head with the new patent laws. It has gotten even worse, not better. Yeah, it makes it easier for the government, but in reality, it I think is hurting a lot of businesses. So let's see what we're talking about with Amazon here, where Amazon was combing through the data of these third party vendors that make up for about 50% of the products sold on amazon.com. [01:08:20] And these employees were accessing the data about what the vendor's total sales were, and they were getting around the rules by bending the concept of what's called aggregation according to the wall street journal and well, Amazon says that it did not access individual seller data. It did create reports of aggregate. [01:08:45] Seller data. And if a pool is large enough, that wouldn't be a problem. So if you've got 200 vendors selling iPhone cases, okay, but the example that the wall street journal is using here is have a trunk organizer. So in reality, how many trunk organizers were there at the time? So this pool of vendors, very, very small. [01:09:11] And when you're talking about a group of two entities, uh, okay, it's aggregated, but what's that telling them. So what Amazon had done then is they said, Oh, wait a minute. This is a very profitable niche that people who are using our services to sell it are in. So your small business, you come up with this idea of a trunk organizer, and it's better than any trunk organizer that's ever been made, and you're going to add two extra compartments to it. [01:09:43] I don't know what you're going to do right. You're going to make it very firm, very strong, and it can fold up, fit into a corner. And so you have to make some prototypes. You have to figure out, how do I do this? You might make a trip or two to maybe heaven forbid China or Indonesia or some other country, right? [01:10:02] Other than China, please. And you go out there for a few times, you. You end up paying, you know, easily 10 $20,000 just to have a stamp made that can stamp out your little product there for the insides. And then you got to get another vendor that had ships to that, that takes the material, sows it all together, and then can ship it out. [01:10:25] And then you have to have a minimum order sitting there in Amazon's warehouses ready to go. So you're into this one a hundred grand, maybe more. Plus all of the time that you spent doing it, which now is lost opportunity costs because you weren't doing something else while you were trying to design this chunk organizer. [01:10:50] So you have spent life savings on this. You've put it together. If you ever watched shark tank, and you look at some of these people, right? Most of those businesses fail. Even the ones that make it to shark tank. So you've done all of this. You had hoped that your business would succeed. Well, you're selling it. [01:11:13] It is succeeding. It's doing well. Maybe you've made back $50,000 of that a hundred thousand you put into it and maybe you get up to a hundred thousand Amazon notices. Whoa, this guy's making a lot of money. Maybe we should get into that trunk organizer business. In fact, we know exactly which models, which colors, which fabrics of his trunk organizer are selling. [01:11:43] Hm. So Amazon then takes the idea and runs with it. Amazon now has more than 145 private label brands. This is a huge, huge number. There is a website out there called this Justin. TGI research and they have a list of these brands that Amazon has. I'm scrolling through it right now. I had no idea. Most of these were Amazon. [01:12:18] You know, you've heard, I'm sure of Amazon essentials. That sounds like an Amazon brand, right? It is. Amazon basics. Okay. Those are obvious. But there's others like kids' clothing line scout and RO women's clothing, brand, Hayden Rose or furniture line stone and beam. Those are Amazon brands and you can't tell by the name, and I'm looking at this list over on this, Justin, and they all have their own logos. [01:12:54] You just, you would have no idea. Brass tacks leathercraft makes leather belts from, guess what those are? Those are Amazon chains. Ditch charming. Dove. Um, Ken sounds like charming Charlie, doesn't it? Hm. Uh, charm. Z silver. That sounds like chirpy. Oh my gosh. Amazon exclusive. Uh, and then charming Charlie's is out of business. [01:13:20] Right. Did you ever go there? My, some of my daughters used to love it cause you can get all of these little hoopy things and necklaces and stuff, but it goes on and on. This is, this is ridiculous. There's gotta be way more than what, what Tai and what wall street journal is reporting anyways, so they're saying those private labels account for 1% of Amazon's total sales. [01:13:45] That was according to a report last September, and some former employees apparently told the wall street journal that they are operating under the directive that Amazon's private label sales should be. 10% of the company's retail sales by 2022 so there you go. You know, we talked about the contentious relationships with eBay in the sellers. [01:14:11] Contentious relationships with Amazon in the sh in the sellers, the European union's competition Bureau opened up an investigation against Amazon. This is a very, very bad thing here. Uh, antitrust subcommittee chairman, David Sicilian from Rhode Island in house judiciary committee chair. Gerald Nadler. [01:14:36] We're pretty upset about this quote. This is yet another example of sworn testimony of Amazon's witnesses being directly contradicted by investigative reporting. So yay. At least somebody is doing investigative reporting out there. So I don't know. What are you going to do? I was upset with Amazon. I told them I'd never do business with them again, and then probably about 10 years later, I started doing some business with them again because it was the only place I could buy some of the things I wanted to buy, but they've been using this merchant data not good. [01:15:10] Not good at all. Well, we have a couple more cool things. We only have a minute or so left here in this segment, but let's get into this very, very quickly. At least get started. This is from dark routine.com they have a lot of great articles, but consumers and small to medium businesses are likely to fall. [01:15:31] For Corona virus scams. It said, now, I have seen a lot of emails coming in to me from companies saying that they can get me some of these loans. Uh, I don't think so. Uh, and I have, I saved some of them. I should put those out in my membership site or in the newsletter. You can see some of them do some training
So you're iPhone is tracking your location even if you don't want it to... what does Apple (ya, THAT Apple that's all about privacy) have to say? What do I have to say? This is just one of several interesting topics we're hitting this week!
There’s a new Mac Pro coming, hopefully as soon as this year. We could see a preview of it as soon as WWDC 2019 in June. But, a preview of… what exactly? That Apple has even been talking about it before any kind of official introduction is unprecedented, but hints aside, we still have no idea what it will be. We do, however, know what we want it to be. So, let’s take a look at both. What Apple has said. And what pro users want. And, to help me out, I got a couple of the best pros in the business: SPONSOR: Brilliant Go to http://brilliant.org/vector and sign up for free. First 200 people get 20% off the premium course! LINKS: Marques Brownlee - YouTube Marco.org Daring Fireball: The Mac Pro Lives Apple pushes the reset button on the Mac Pro | TechCrunch Apple’s 2019 Mac Pro will be shaped by workflows | TechCrunch Apple's 32" 6K Standalone Monitor / Modular Mac Pro Design - YouTube The New 2019 Mac Pro? - YouTube MORE: Gear: https://kit.com/reneritchie Podcast: http://applepodcasts.com/vector Twitter: https://twitter.com/reneritchie Instagram: https://instagram.com/reneritchie SUBSCRIBE: Apple Podcasts Overcast Pocket Casts Castro RSS YouTube
There were rumors for years that Apple was working on a phone but Purple, the iPhone project, never really leaked. There were rumors for years that Apple was working on a watch but Gizmo, the Apple Watch project, never really leaked. At least nothing even close to Titan, which many people have assumed is the Apple Car project but is kind of something much bigger, exactly what Apple and Tim Cook have called it: an autonomous technologies project. That we keep getting reports on the inner workings of a special projects group within Apple is surprising. That Apple commented on it is startling. We’ll get to that in a hot minute but, first, what is Project Titan really? And why does it seem to be changing year after year? SPONSOR: Thanks to Skillshare for sponsoring this show! The first 500 of you will get 2 months of premium courses for FREE! MORE: Gear: https://kit.com/reneritchie Podcast: http://applepodcasts.com/vector Twitter: https://twitter.com/reneritchie Instagram: https://instagram.com/reneritchie SUBSCRIBE: Apple Podcasts Overcast Pocket Casts Castro RSS YouTube
In this episode: David and Simon are joined by the FT Alphaville's Kadhim Shubber, Fidor's Sophie Guibaud and Pete Townsend of Norio Ventures to discuss the top news stories of the last week. First up we discuss THAT Apple launch, how Apple's P2P capabilities are a little underwhelming, how Venmo's attempt to fight back against Apple Pay involves a very ugly debit card, and sticking with the theme we discuss Zelle's P2P mobile payments app that recently launched and what it means when banks club together to innovate. They also discuss whether fintech really is the fastest growing industry in the US, what it means for Jamie Dimon to slam bitcoin, is he just wrong or is it a distraction to cover up something else? Finally, they take on Monzo letting their customers decide fees for using ATMs abroad, whether 30% of bank jobs will be gone in 5 years as the CEO of Pandit claimed, and ANZ's restructuring to create 150 "startups", it sounds like nonsense but are they the first traditional bank to really understand how to be agile? Also on the show we have an exclusive interview with digital receipting startup Flux alongside Megan Cawood of Starling, all about their recent partnership and launch on Starling's Marketplace. Enjoy the show! Spread the word, tell your friends and don't forget to leave us a review on iTunes! If you want to get in touch, drop us a line at podcasts@11fs.com or on Twitter @FintechInsiders. Special Guests: Kadhim Shubber, Matty Cusden-Ross, Megan Caywood, Pete Townsend, Sophie Guibaud, and Veronique Barbosa.
What does Augmented Reality and a mysterious Apple social app have in common? That Apple is suddenly interested in being “cool” with the teens. That, and Uber’s big mess, Twitter’s rumoured paid plan, how America plans to sell your browser history and more. Get stuck into the show notes at chargedpodcast.com.
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