35 Burst results for "Clearing House"

"clearing house" Discussed on Thinking Crypto News & Interviews

Thinking Crypto News & Interviews

02:07 min | 2 months ago

"clearing house" Discussed on Thinking Crypto News & Interviews

"And so when we think about sebo digital, where you look at it the same way as we want to operate and exchange and clearing house in digital provide us with a guardrails that allow us to do it across tokens and we want to do that and we want to do it in the same way that we operate all the other markets and all the other asset classes. That trustworthy transparent regulatory first kind of offering and mindset. So John, I've been talking about this and I don't know if you agree with me. But it seems that this FTX collapse is kind of going to open the door for institutions such as yourself to come in and have a bigger presence in the market and it's kind of like, okay, the kids had their fun, but the adults are here. Do you feel there's some sense of that? And I may be off base here, but just from my own personal views. You know, I think it's certainly one way to think about it. You know, I might maybe put it in a different lens in the sense that crypto has grown so quickly and we've seen the industry go through what you would call maybe market cycles at a pace that is much more accelerated than what the same types of cycles we've seen in some of the more traditional financial markets. And part of that may be paired with maybe some of the regulatory uncertainty and you have to think this kind of started in a currency kind of world or an effect almost kind of world and you have regulatory authorities that maybe don't have the same exposure or experience in a full kind of equities or equity options or commodities based marketplace. Learning and growing just as much as retail and institutions are learning and growing with crypto. So you have all these, you know, the entire world is really trying to keep up with the pace of crypto. And so what we've seen is we've seen platforms you call them platforms kind

John
"clearing house" Discussed on Clark Howard Show

Clark Howard Show

04:11 min | 3 months ago

"clearing house" Discussed on Clark Howard Show

"I don't have anything on automatic payment. Am I using ACH? And if so, what is bad about it since I don't ever have anything on automatic pay? Okay, so here's the ACH thing. I think pretty much today it's very common people use automated clearing house. The problem is the Congress has never established consumer protections with ACH. ACH is a private organization and the rules they have written are to benefit the banks and others that take your payments through the ACH clearing house. So the problem comes up and we've seen it over and over again with automated continuing payments with ACH for things like fitness centers or anything else where it is something you may sign up for a period of time, but when you're done, they keep debating your money. We've had this with cable companies. We've had this with gems more than anything else. So the greatest risk with the ACH system because the lack of built in federal legal protections is that you're dealing with administrative rules written to your harm not to your benefit by the industry and with automated payments, the risk exists. Another example we've had not in recent years, thank goodness, knock on for mica or whatever this is, is that we used to get problems where someone has paid off a mortgage or sold their house, and the mortgage company keeps ACH the mortgage payment, I can not remember the last time we had that problem. So to the industry seems to have cleaned that up. But the risk is that somebody takes your money in an organization and maybe one that has had historical ethical problems like cable or a gem and then getting your money back from them after they've gone in and stolen it from your account is very difficult to do administratively. Electronically setting up where you make sure you never miss a credit card payment and doing that through ACH is a practice that I advise for people who tend to be a little flaky or travel a lot or whatever and might forget to make a minimum payment on a credit card because of how that can devastate your credit score for 7 years. Understanding that when you set up that automatic, you are giving up rights under this administrative ACH procedure. So I know that's a lot of gobble. But that's why I like electronic bill pay where you are controlling the transactions at your own bank or credit union and you're sending in or if you do it through a brokerage, you're choosing who you said, you're choosing what you send and you're choosing if it's automatic or manual where ACH once you've set that up, you have now given them permission to come in and grab money whenever however they want and then fight to get your own money back. So coming up ahead, I notice how many people when I'm on an airplane or listening to music so loud with the ear things of all different types that I'm just wondering what age they're not going to hear anymore. Do you ever hear that where over the drone of the airplane you can still hear somebody's music? I can hear it from my son like across the world. Oh, your son does that too. So we're

ACH Congress
"clearing house" Discussed on What Bitcoin Did

What Bitcoin Did

03:42 min | 3 months ago

"clearing house" Discussed on What Bitcoin Did

"Because the money is at the clearing house. The risk is there. The Barclays will be able and everyone pays into that fund also. Every clearing broker pays into the Chicago mercantile exchange, the London clearing house, they pay into these insurance funds to protect margin calls. So let's say the BOE didn't step in last week and let's also say that Barclays had the margin call risk on their book. If the UK pension fund doesn't pay Barclays, their margin call, Barclays then could default to another bank, daisy chain, financial collapse. Totally possible. But in a post interest rate swap cleared world, that's not as possible. So we are not in the same place as we are in O 8 from the financial system perspective. Now, I can't be the one that says the system is great. It's functioning great. There's no collapse ahead. I refuse to be that guy. My job is to try to find problems in the system and identify them, but I can tell you from experience that one of the main problems in the system, which was bilateral interest rate swaps, bilateral meaning, non cleared, naked exposure from one party to the next, is not in the system anymore. And remember, that number had reached a quadrillion dollars in notional. You think of a number like that. Which is like 10 trillion in market value. I don't love the notional one because it's super dramatic. And it's very a fatalistic way to talk about things. A quadrillion in derivatives. Well, no. But it still was 10 trillion market value in derivatives. It's a lot of money. And if that blows up, the whole system blows up easily. So they have fixed some things. That protect against interbank collapse. But that doesn't mean everything is fixed. And there are different money market metrics that we use to try to see if there's funding stress in the interbank relationships. One of them being libor. So where do you disagree with Jeff? Obviously, on Bitcoin, we'll come to that. Yeah, I disagree with Jeff. I think most specifically on his idea that the fed is not a Central Bank. Okay? So he said the fed is not a Central Bank. It doesn't really know what money is and it can't really affect the economy. I take some issue with that because let's talk about the two things that the fed can do. They can ease or they can tighten. Why do they ease? Because the economy is slowing. Why do they tighten because inflation is hot, right? So we don't have a ton of evidence over the last 15 years of what the fed does when inflation is really hot. We only have about one year of data. Which is the last year. And what do we know they're raising rates to bring it down? So let's talk about the easing first. This is where I would agree with him that the fed is not able to stimulate the economy because of the Euro dollar system. So let's describe where he's accurate. When the fed lowered rates to zero, it saw that it didn't, it wasn't able to boost demand. So it did another easing measure, which was QE.

Barclays BOE fed Chicago Central Bank London Jeff UK
"clearing house" Discussed on The Breakdown

The Breakdown

04:18 min | 5 months ago

"clearing house" Discussed on The Breakdown

"Dot LY slash breakdown pod. Also, a disclosure as always, in addition to them being a sponsor of the show, I also work with FTX. All right folks, well, yesterday, one of the things that I had right at the top of my list of 38 things I think we've learned in the last year is that while crypto is not going to be banned in the U.S., it is going to be regulated. And oh my have we had an absolute flurry of commentary on what that should look like from senior U.S. officials. In fact, it may take me more than just today to get through all of it. I also wrote about how CBDCs seem to be going a little bit slower than it might have seemed they would go back to 2020, for example. That is going to be the particular focus of a lot of today's discussion. But where we're going to begin is with a speech from Michael su. Michael is the acting head of the office of the comptroller of the currency. This was a position that was formerly held by if you'll remember Brian Brooks, who is now the CEO of bit fury, and was before that general counsel at coinbase. During Brian Brooks short tenure there, the OCC greatly expanded the way that banks and financial institutions could interact with the crypto industry as a whole and specifically stable coins. Sue has been under intense pressure since coming to office to reverse many of the policies that Brian Brooks said in place and start fresh. However, he's taken a pretty concerted middle of the road. Let's learn and see kind of view. In a speech at a clearing house in bank policy institute conference on Wednesday, sue rearticulated the OCC's regulatory position that traditional lenders are required to ask permission for any crypto activity and need to demonstrate that the activity will be entirely safe.

Brian Brooks Michael su U.S. coinbase OCC Michael Sue
"clearing house" Discussed on The Breakdown with NLW

The Breakdown with NLW

05:08 min | 11 months ago

"clearing house" Discussed on The Breakdown with NLW

"Credit default swaps ensuring $10 million of the country's bond for 5 years were quoted at about 4 million upfront and a 100,000 annually on Monday. Signaling around 56% likelihood of default, according to ice data services, the main clearing house for European credit default swaps. There are also the implications of specific businesses. British petroleum is exiting its 20% stake in the Russian oil giant rosneft. BP's chief executive Bernard Looney is resigning from the board of rosneft immediately. Looney said I have been deeply shocked and saddened by the situation unfolding in Ukraine. Our immediate priority is caring for our people in the region and looking at how BP can support the wider humanitarian effort. The chair of BP said that while the company is operated in Russia for over 30 years and has, quote, brilliant Russian colleagues, the invasion represents a fundamental change. Quote, Russia's attack on Ukraine is an act of aggression, which is having tragic consequences. Norway's sovereign wealth funds also made a huge change in tone from Friday to Sunday. This is a $1.3 trillion fund that has about $2.8 billion in Russian equities. On Friday, they said quote, if we sold out of Russia now, it would be a wrapped gift to the oligarchs who buy our shares, but by Sunday this which is the world's largest sovereign wealth fund sent, we want to give a very clear and unequivocal response that the type of abuse we have seen in recent times can not be accepted. And the point here in both of these cases is that these folks are going to be selling at a loss as there are no buyers, and as we'll get into in a minute, increasing isolation of these markets. BP is saying is that offloading their stake in rosneft could represent a write down of $25 billion. Now, as I just intimated, this is creating action from both sides. Phil Stewart, the military and intelligence correspondent at Reuters writes, breaking the Russian Central Bank has ordered market players to reject foreign clients bids to sell Russian securities from 400 GMT on Monday, according to a Central Bank document.

BP Bernard Looney rosneft Russia Ukraine Looney Norway Phil Stewart Russian Central Bank Reuters Central Bank
"clearing house" Discussed on WLS-AM 890

WLS-AM 890

01:41 min | 1 year ago

"clearing house" Discussed on WLS-AM 890

"Update in 15 minutes One entry 2 February 26th new for just necessary voter privacy Hey America you can win $5000 a week forever from publishers clearing house You heard me right you could now win $5000 a week paid to you every week for your whole life Then after that someone you choose gets 5 grand a week for their life But you have to go to PCH dot com before it's too late There's just days left to enter to win so go to PCH dot com right now You can't win if you don't enter It's $5000 a week forever Go to PCH dot com right now that's PCH dot com Balance of nature is fruits and vegetables in a capsule changing the world one life at a time The product that you have given me here is sent to me from heaven I love it a great deal It's hard to find anything that's real nowadays I enjoy any mentally it's making my wife so much better I feel so much better It's really fantastic I mean just my overall health is fantastic And I've planned on continued taking this because I'm convinced that absolutely contributes to your well-being to your health It's keeping it healthy but your body do what it's supposed to do Get a wide variety of all your daily recommended servings of whole fruits and vegetables without having to leave your home Right now bounce of nature is offering free shipping and 35% off on any new preferred order Start your journey to better health today by calling one 800 two four 6 8 7 51 That's 800 two four 6 8 7 5 one Or go to balance of nature dot com and use discount code WLS What makes some people successful How can they help you on your journey Find out with Toure Event Nicole Brown is an actress who just makes me smile every time I see her on.

"clearing house" Discussed on Marketplace with Kai Ryssdal

Marketplace with Kai Ryssdal

07:19 min | 1 year ago

"clearing house" Discussed on Marketplace with Kai Ryssdal

"The CDC wants us to wear better masks. That was the updated guidance last Friday N95 or KN 95 if you can do it. But in the world of masks, as with much of life, I suppose all is not as it seems. And that is why I wound up on a Zoom yesterday with a guy by the name of Aaron Collins. I'm a mechanical engineer with a background in aerosol science. I'm a self described mask nerd. Oh, Aaron toms is not just a mask nerd. He is something of a mass expert these days, given that he's tested literally hundreds of them using a particle counter that he bought on eBay is kind of a public service hobby project. So I've been using my bathroom AKA my laboratory using real scientific equipment to try to test and evaluate masks and then sharing all that on my YouTube channel and an ever growing Google Doc. All right, good. So let's turn this into something useful here. And I'm going to, first of all, hold up my trusty kn 95, which, honestly, I mean, now that I look at it, it's a little dirty because I've been using it for a while and maybe the ear straps are a little stretched out, but it's your typical, you know, it's that white cone shape one that makes you look like a duckbill sort of whatever. Is this okay for me to be using? I mean, the answer is maybe, depending on where you got it from. So that's kind of the challenge with the mask marketplace right now is that it's not really clear about what are really high performing masks, which are which mass don't meet the standard and which ones are just straight up fakes. It's hard to tell just by looking at a mask. That's kind of the problem with it. How am I supposed to know? I'm just a guy trying to wear a mask and be safe and keep everybody else safe. I think this is the $1 million question that everyone's trying to answer at the same time. In general, there's some things we can look for. So when we talk about K and 95s, KF 94s and N95s. KN 95 is kind of unique in this space and that it's just a Chinese test standard. There's not really any regulatory oversight to them, whereas let me just say that that's not heartening that it's just a Chinese test standard because we know about Chinese deaths in a lot of ways and there's no real standard for them. Well, that's a good point. But they do have a test there and they do have to use labs. So oftentimes a K 95 may actually have met the test standard. Okay. But they only have to submit 20 pieces and then the next 10,000 was there any quality checks. There's our regulated mass like KF 94 to South Korea and our niosh N95 standard. Those are regulated mass, meaning not only do you have to meet these test standards, your factory has to meet all these quality and process checks along the way to make sure you're making a consistent product. I'm looking at my K 95 pretty closely now for the first time since we set up this interview. And it doesn't say approved by or standardized tested by. I mean, it's just there. It says kn 95 on the side and that's that. And that's kind of the problem too is actually the test standard is kind of specific as to the labeling of the mass. They do require that you say KN 95, so you've met that first one. But the next check is that they require you to label it with this test standard. And that standards the GB two 6 two 6 and then dash 2019. Of course, engineers love their numbers. Of course. And so what that means is that you expect to see both of those things stamped onto the mask, but you're only seeing one of them. So right away, we know that that mass didn't actually comply to the K and 95 standard as it's written. Oh my goodness. And we've got a cabinet full of them at home. All right, so look, so let's say I decide to go mask shopping and I go to everybody's favorite ecommerce site. And what do I type in? K 95 and 95 mask, what do I do? Let's do K 95, right? That's the most ubiquitous search term right now happening in Amazon. Okay, 95. And there's a zillion of them. Yeah, and they all look very similar, right? Yeah, they sure do. By folds, they're some more black, some are white. It seems like a lot of these Amazon only brands, they're branding is what effectively is 5 random letters. We see that all the time, the WW doll. So you really don't have a way to chase down. Is this the company that actually made it? Or are they just rebranding someone else's mask? What about those ones that are like, they're not by fold, but they're almost trifold, right? I think those are the Korean F 94s, right? Yeah, KF 94. Those are one of my favorite masks. We can search that on Amazon too. So if you just so if you just search KF 94 at and those are so those are these kind of boat shape. And so here we see, again, a lot of sponsored content for these very similar looking masks. One of the requirements of KF 94 is that they have to have a physical presence or be manufactured in South Korea, meaning that they have to source from there. And so if we look at some of these and maybe we'll find one if we pick some random one. There's this 50 pieces for $20, right? Three. KF 94, let's click on it. All right. So that seems like a really great deal. If we look on the right side of the screen, who is it sold by and who's it shipped by? So this is sold and ship I company called cassette. Yeah. Let's click it. Oh, the business address is in China. Yeah. So isn't that interesting that a half 94 would need to be manufactured and sold in South Korea or manufacturers agree? Why would they make it a South Korea ship it to China to then ship to you? I don't think this is a real mask. And I see this everywhere. And if you look at the business name, now I don't speak Chinese. But that is a lot of characters all in a series. No, it's a bunch of different words and well never mind. I won't go into my now limited Chinese because it's been a while. But look, but let me ask you this. Here I am making a good faith effort and it's not like I'm getting swindled, right? Because I'm getting something that in theory provides some degree of protection, but am I really protected? And this is the real challenge with Amazon marketplace and just mass in general right now. As a consumer, you can buy a mask and look at it. It might look real. It might smell real, it might have all the things that you've associated with your previous brand, but the only way to actually know is to use really specialty scientific equipment to measure that. And fake mask and range from something that's not terrible all the way to something that's a cloth mask. And that's the problem. You don't know what you're going to get when you buy the mask. All right, so look, rather than dumping all over Amazon, if I'm a concerned mask consumer, is there a good place for me to go to not get swindled on my masks? Yeah, there are some really good websites out there. So project N95. Okay. Yeah, no problem. Well, the national clearing house for personal equipment. There you go. Yeah. So project N95 is a nonprofit that's set up originally to help distribute PPE to healthcare workers and they've expanded to try to kind of emulate the Amazon marketplace where you'll see a lot of different masks from a different suppliers. The only challenge right now is that because everyone wants masks at the same time for sure. It's very tight right now. For sure. To be clear, you're not getting a kickback from these guys. This is not a sponsored endorsement on your part. This is the trained professional. Correct. I have no financial obligation to any mass manufacturer, vendor. I've never taken any payment. I've done all of this out of my own pocket just simply to try to help people. Aaron Collins, on how to shop for masks, what some of the problems are, he is, as he says, the mask nerd more on our website marketplace dot org, of course. All right, thanks a lot. I really appreciate your expertise. My pleasure, thank you for having me. We did call Amazon, by the way, they sent us a whole statement the relevant part of which goes like this. We have implemented Amazon says a rigorous seller vetting and product review process to ensure compliance with applicable laws regulations.

Aaron Collins Aaron toms South Korea Amazon CDC eBay YouTube Google cabinet China national clearing house for pe
"clearing house" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:47 min | 1 year ago

"clearing house" Discussed on Bloomberg Radio New York

"By blocking enforcement of the vaccine mandate on large businesses The 6 to three court majority argued the mandate is too broad People may need to get a COVID vaccine booster every year or two but the target variant remains unknown That's what doctor Anthony Fauci said while speaking to NBC News He said that scientists hope to develop a shot that would provide defense against all future variants A Texas judge is being asked to put an end to the state's controversial border security plan operation lone star was sold as a way to stop a surge in illegal immigration during COVID but Brownsville mayor Trey Mendez says that was just a scare tactic by the governor But we were finding as we're testing is that the positivity rate for COVID in the migrant community was actually a little bit less than what it was for the rest of our community The lawsuit heard today in Austin suggests the governor's border security operation is unconstitutional because the state is enforcing federal immigration laws Federal officials are revealing that a fuel pipeline in Louisiana ruptured last month and caused a massive spill the pipeline and hazardous material safety administration reports it happened at the Charlotte refinery in saint Bernard parish in late December Queen Elizabeth is stripping Prince Andrew of his military titles and royal patronage Buckingham Palace said in a statement the Duke of York will defend his civil lawsuit for sexual assault as a private citizen Virginia giuffre is suing Prince Andrew in a case alleging she was forced to have sex with Jeffrey Epstein's Friends including him when she was 17 I'm Lisa Taylor Researchers at UCLA say they are one step closer to finding a cure for the human immunodeficiency virus or HIV In a recent study scientists were able to cure 40% of HIV infected mice by targeting infected cells that could be lying dormant in the body I'm Bryan shook College enrollment numbers continue their decline Rory O'Neill has more for the second year in a row the number of undergraduate students enrolling in college is falling The national student clearing house research center said enrollment is down 3.1% 460,000 students at about the same decline as the year before That means a million students are not on the college track since the start of the pandemic the head of the clearinghouse telling The Washington Post he's worried this could become a cultural shift and not just a side effect of the pandemic I'm Rory O'Neill The Republican National Committee is moving toward pulling out of presidential debates that are run by the nonpartisan commission on presidential debates The RNC is threatening to require Republican presidential candidates to sign pledges to not participate in debates sponsored by the commission in a letter to the commission the RNC is calling for a number of significant changes to its procedure RNC chair ronna mcdaniel argued Republicans have lost faith in the commission as a truly fair and non partisan actor Coronavirus cases in children are on the rise in Oregon Nica magaji reports Randall children's hospital pediatrician doctor Malika little tells K two both kids and adults are getting infected with a virus at alarming rates The percentage of kids that were having in the hospital that have COVID really as high as point that we've ever seen She says the sharp increase in cases is concerning at dorm Becker children's hospital doctor Carl Eriksson says they too are seeing more kids being treated for COVID-19 Frito lay is creating a unique way for NFL fans to get more connected with their favorite teams The chip company announced the contest in which winners get its golden grounds potato chips made from soil pulled directly from NFL stadiums and fields across the country To enter fans need to.

COVID Rory O'Neill Trey Mendez Prince Andrew Charlotte refinery saint Bernard parish Anthony Fauci RNC Virginia giuffre Jeffrey Epstein Lisa Taylor NBC News Bryan shook College national student clearing hous Brownsville HIV Duke of York Buckingham Palace
"clearing house" Discussed on WGN Radio

WGN Radio

02:25 min | 1 year ago

"clearing house" Discussed on WGN Radio

"Think there's a commercially available test that can determine how much THC is in your system It's either yes it's in your system or yes it's in your urine or it's not to his point There's a thing called the drug clearing house that's been out now for about a year almost a year in the drug clearing house his disqualified 90,000 drivers because of among other things Marijuana And this is a big issue And he makes a good point that marijuana may be legal in the state of Colorado the District of Columbia And I think 27 other states but it's not legal on the federal level So if you want to go home after your days off and sit back and kick back and do an edible or smoke a joint you come back to work and you get a random test or you're in an accident and you go and you do a hair test or a urine test and you show positive you're going into the clearing house in your disqualified from driving until you go through the treatment program And it doesn't have to be a 30 day inpatient program It can be something else Whatever it is But 90,000 drivers have been disqualified over the last year in only a small fraction maybe about 10,012 thousand have applied for reinstatement So that's another area where drivers in the trucking community the industry has lost about 70,000 drivers because they've tested positive for marijuana or other substances I must say personally although I'm not in a favor of anyone driving a big rig while under any kind of chemical influence but I would have to think that marijuana would be preferable to let's say somebody who's high on speed desperately trying to make it to Little Rock by other hours or more Yeah Yeah exactly All right more to come but more calls one 8 6 6 5 O Jimbo one 8 6 6 5 O 5 four 6 two 6 we need more truck drivers the administration says it has a plan to recruit them and will continue with your calls and your thoughts A big rig drivers in particular encourage but anybody with a thought on this we share the roads with these folks after all And sometimes we don't do so very politely on our parts by the way A more to come we'll be back in a moment Streaming of adventure beyond your backyard nerd wallet can help you compare and find the smartest credit cards to get there Use nerd wallet to compare travel cards with bonus miles to go from working from home.

District of Columbia Colorado
"clearing house" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:45 min | 1 year ago

"clearing house" Discussed on Bloomberg Radio New York

"A busy day at The White House With President Biden signing the infrastructure Bill about three p.m. Eastern Time today and then holding a virtual summit with Chinese president Xi this evening to set up the president's day We welcome now Washington correspondent Joe Matthew He is of course the host of sound on every day of the week on Bloomberg radio Joe Thanks for being with us Let's start with the signing ceremony He's finally going to get his infrastructure Bill It at last infrastructure week here David It's hard to overstate the importance of this day for this White House indeed there will be a major bill signing here a little bit later on today They waited on this to get the most bang for the buck they could and publicity to show the president taking this win and he'll be joined here at The White House by democratic leaders on Capitol Hill along with business community leaders who supported this infrastructure Bill for passage But the president will not have too long to take a victory lap here The conversation will immediately pivot to whether Democrats can pass the reconciliation bill The social spending bill as Nancy Pelosi promised for this week And of course it'll only be hours later that the president gets involved in this very important meeting with president Xi That is scheduled for the 7 o'clock hour David and everything we understand is on the table from trade to human rights to Taiwan though I will emphasize that no one is predicting any major breakthroughs here The bar is pretty low expectations are pretty low going into this session Now the president's going to have a number of things on his mind A lot of things will be discussed but we do not expect a joint statement from the two parties So we'll be scrutinizing the readouts from the U.S. from here at The White House and from Beijing as they're expected to come out late tonight The important term that you mentioned though David is virtual I'll remind everybody that these two leaders are going to be looking at each other on screens kind of like you and I are right now David and like the rest of us all have on Zoom since the beginning of COVID suggesting that body language and eye contact may be a little bit more difficult to read than if they were in the same room David Okay thank you so much Joe Always great to have you with us That sound on host Joe Matthew you can hear him live at 5 p.m. eastern night This evening and every evening on Bloomberg radio To take us through the Biden Xi summit and we welcome now Gary Locke U.S. ambassador to China under president Obama and former governor of the state of Washington Oh by the way secretary of commerce as well in between there So mister ambassador thank you so much for joining us You've been president these things You understand them Give us a sense of what you expect out of this virtual summit Well this will be a rather unusual summit because I've watched the two leaders interact personally and they do get along very very well They're very relaxed very cordial And the conversations have in the past been rather free flowing But this several hour summit will be highly scripted but it will be important for both sides to get various points across They may not reach any firm commitments deals or agreements But they will I think set the stage for future talks and each side needs to indicate to the other the importance or the important issues that each country faces Obviously President Biden is going to want to talk about trade Because we have these tariffs against Chinese products coming in because of the unfair trade practices of China but actually I think that both sides would like to see some rationing back of those tariffs because it's impacting the cost of living of American consumers And with inflation so high trying to reduce the cost of so many products that Americans use every day is going to be critical And then obviously human rights climate change China's beginning to say well maybe they don't want to agree to phasing out coal ending the use of coal And so there's a lot to talk about So let's start where you left off mister baster if we could and that is with climate One of the things that perhaps the interest really come together a bit better than some other areas because obviously the United States wants from Ford President Biden really wants to move forward on climate at the same time I assume that president Xi wants to make promise progress on that front as well It's in each country's mutual interest to really make progress on reducing carbon emissions Because even the use of coal in China is resulting in the premature death of millions and millions of people every single year And the pollution in China is so severe So the people of China have been clamoring and pushing for significant improvements in terms of the environment and reducing the use of coal focusing on electric vehicles including municipal buses and trucks as well as automobiles If China were to make a significant reduction in greenhouse gases and the United States does very little the efforts of China will be for not and vice versa America Americans produce more greenhouse gases than any other country in the world per person And so if we do a lot but China does very little that all of our efforts also will be for not United States and China are the two largest emitters of greenhouse gases The world is looking for cooperation and real progress by both countries So I guess my question is do you expect any sort of real progress as you determine from this virtual summit We just had John Kerry the former Secretary of State Now the special envoy for President Biden come to an agreement of sorts with China over a cop 26 Do you think they might even be able to go farther than that president Xi and President Biden the tonight I don't know that they'll make any agreements tonight but clearly there are proposals for greater cooperation sharing of research and scientific results and so forth So I think that that is the one area in which.

Joe Matthew President Biden White House Joe Thanks David China David Okay Bloomberg radio United States Washington Bloomberg Capitol Hill Nancy Pelosi Biden Gary Locke Taiwan Beijing president Xi Joe
What Bill Roggio Would Do to Protect Americans Against Terrorism

America First with Sebastian Gorka Podcast

01:38 min | 1 year ago

What Bill Roggio Would Do to Protect Americans Against Terrorism

"The scenario is bill. Roggio is made the director of national intelligence. What is the first tasking order. What is it that america. Our allies aren't paying requisite attention to that. You would make them pay attention to to make us safe. What's the biggest gap in our knowledge. Yeah i i'm gonna keep this specific to the terrorism field. Because that's where i keep my focus but you know but i think these problem one of my big concerns. I think these again. What happens in afghanistan doesn't stay in afghanistan. The thought process that is used in. Afghanistan is used in other theaters. We need to clear house of the individuals who have come to the idea that we can negotiate with our enemies but the problem is they didn't view the we doing. The taliban is an enemy a decade ago. The we being the us if you have that type of thinking that the house needs to be clear we need to learn how to recognize our enemies. There was this was when i talk about the failure of the generalship. There was an individual named carter milk. As and he's he's been advisor to general dunford. He wrote an ad in the politico a couple of weeks ago. Maybe a couple of months ago where he says. And this again the visor general dunford as he was both commander in afghanistan and chairman of joint us to staff we didn't realize the taliban religiously motivated organization. Are you kidding kidding. No i'm not getting the all the name taliban there the students of islam

Roggio National Intelligence Afghanistan Carter Milk United States General Dunford Taliban Dunford
"clearing house" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

04:42 min | 1 year ago

"clearing house" Discussed on Consumer Finance Monitor

"Already a subscriber to our blog consumer finance monitor dot com You should sign up for that because We've been doing the blog now for over ten years There is a tremendous amount of content on it and indeed the topic. We're going to be discussing today. there was very recently a blog posted about the same content the same topic. I should say so What we're gonna be talking about today is not okay. I'm not talking about nachos. The a the the chip they used to put salsa on it. I'm talking rather about the national automated clearing house association. That's the formal name of the entity that were Talking about but we'll never use that name again During our podcast we're going to refer to it by the name of everybody uses namely notch And nacho deals with the automated clearing house or as c. age transfers Just to give you an idea of the volume of ach. Transfers are done Every year i was able to find information from twenty twenty there were nearly twenty seven billion. Ach network payments. That were made valued at listened to this sixty two trillion dollars in twenty twenty alone. Okay and this is a growing a system that is used to make payments. It's not nachos not a government entity I guess you could say it's quite governmental It was organized by the banking system. The banks snl's credit unions the depository institutions Click the system together quite some time ago And it's a way of it's an alternative to using the wire transfer system or some other payment system that might be used. And so today we're going to talk about is some very recent changes. To the nacho operating rules that are gonna go into a fact In september and we'll get more into that a little later on And as i indicated there are there private network rules governing the processing of ach entries big and they govern the relationship between various parties to an ach entry those that originate ach the financial institutions or other third parties that process these as age Files and the account holders whose accounts are debited and credited. The nachos roles include requirements for obtaining authorization to initiate ach debits and credits to consumer and now consumer accounts making credits available to account holders and allowing for the return of unauthorized ac age entries for consumer ach andrews and. This is very important to bear in. Mind the not your rules which we're going to talk about today. Apply in addition to requirements set forth in the federal electronic fund transfers act and regulation e promulgated. They're under by the consumer financial protection bureau the cfp so Lemme now Introduce our guests and our guest. Today is jennifer edouard. Jennifer is a lawyer in our firms consumer financial services group focusing her does payments law and rules..

national automated clearing ho snl ach andrews consumer financial protection jennifer edouard cfp Jennifer
Q&A: Which Money App is Right for You?

Money Rehab with Nicole Lapin

01:53 min | 1 year ago

Q&A: Which Money App is Right for You?

"Just kidding the freelance game and need some advice. I have my first graphic design client and they're putting down ten thousand up for a project i'm doing. They told me. Let them know how they should pay me. So how should i do it so in. There are a ton of players in the financial app space. And i'm going to go through all of them in a minute. But in your case i actually wouldn't go to a payment up for a ten thousand dollar payment. I'd actually recommend that you ask for an ach transfer and before we get too deep into it. What the fuck those. Ach mean well. Ach stands for automatic clearing house. And if that doesn't help you understand the concept. While i'm not surprised. Welcome to the world of finance jerkin to get into what an ach transfer is. I want to get into what it isn't initiating. Ach transfer is not the same thing. As wiring someone. Money people often mix up wire transfers an ach transfers because they both have some top level similarities. Both our bank to bank transfers where the money goes directly from the sender's account to the recipient's account. The difference is speed and cost wire. Transfers typically cost the recipient fifteen to twenty five dollars. Ach transfers on the other hand are typically free for both the payer and the payee the one downside to ach transfers is that they take a few business days for the money to hit your account whereas wire might take hours or even minutes because these types of transfers are bank to bank. You'll need to give the person paying you both your bank routing number and your account number. So you don't want to do an ach transfer with just anyone. You wanna make sure that the person paying you is trustworthy all the better if they have a secure payment portal.

"clearing house" Discussed on WAAM Talk 1600

WAAM Talk 1600

01:34 min | 1 year ago

"clearing house" Discussed on WAAM Talk 1600

"Daniel Horowitz nailed. I stuck this up on Facebook their own extinction on Facebook. That's a clearing house for information that you need. Access to their own Lexington on Facebook way care, and we could help Then operator error. Talk about post production wasn't watching the clock. I got a minute to kill what'll I talk about now. Gee, I could never think of anything to say. We're also looking on Michael Bloomberg were a Frank Gaffney. Michael Bloomberg has his mortal enemy of United States, and it really is is making a lot of dough, so he gets away with it. He could make the same kids for Bill Gates and Tony Fauci. We'll be right back. No way, said it somewhere. How do they keep.

Daniel Horowitz Tony Fauci Frank Gaffney Michael Bloomberg Bill Gates Facebook United States Lexington
"clearing house" Discussed on WIBC 93.1FM

WIBC 93.1FM

01:51 min | 1 year ago

"clearing house" Discussed on WIBC 93.1FM

"The BBB. All Star is unique. You work directly with the owner, Tom Myers, not a salesman. Tom has been in the business since 1997. If you need someone to see if you have storm damage, meet with an adjuster or just need a quote on your exterior project. Call All Star 31752264090 and Tom even works weekends, all Star roof siding and more. Here's Terry Bradshaw for Publishers Clearing House. If you want to win seven grand a week, you better step on it. Today is the last day to enter to win $7000 a week for life from Publishers Clearing house on April 30th. Yep, you gotta enter PCH dot com before it's too late. Real people really do win just like you. You don't want to miss out, do you? But you gotta be in it to win it. Seven grand a week for a live Internet on PCH dot com and 3 to 4 27 no purchase necessary void where prohibited Who? Well, guys whale. Wow, Wait. That's a big whale. Um Okay, Well, well, well. Oh, no times in turn quick on the water, Progressives, boat insurance and she covered Get a quote today in this little is three minutes at progressive dot com. At least it wasn't a shark and my rent Hmm. Progressive canceled the insurance company and affiliates when the weather turns severe turned to the WBC Storm desk, preset by technology recyclers Business Electron IX recycling this attack Dash recyclers calm. This'll hour on 93 WBC is powered by Reinhard Heating and cooling your American Standard Air dealer and Danville ever a Nigel present. It depends upon what the meaning of the word is. Yeah,.

Tom Myers Terry Bradshaw Tom April 30th 31752264090 Publishers Clearing House today 1997 All Star Today Publishers Clearing house all Star PCH dot com progressive dot com American Standard Air BBB three minutes Seven grand a week 27 $7000 a week
Colleges Get Creative To Reach Students

BBC World Service

01:41 min | 1 year ago

Colleges Get Creative To Reach Students

"Martin. The pandemic has had a profound effect on college enrollment colleges are missing more than half a million students, according to new data. Community colleges have taken the hardest hit. So what are schools doing? Defined and enroll new students while holding onto the ones who enrolled before the pandemic? MPR's Elissa? Nah, Bernie has been visiting campuses talking to a whole lot of people. She joins us now. Hi, Elissa. Good morning. So first this new data What can you tell us about this spring numbers? Well, it's pretty bleak. You know, we had horrendous fall numbers. More than half a million students didn't show up for college. Ah, lot of folks were hoping that this spring we'd start to see some of those students enroll. But spring numbers are actually slightly worse than fall. Community colleges are again down 10% from a year ago. Here's Doug Shapiro, who leads the research team at the national Student Clearing House, where the data comes from. There's no quick turnaround here. There's no snap back for public colleges. It's really staggering. There's never been anything that dramatic for any Any sector. The largest group of students that are missing or actually new students. Much of that is the class of 2020 in that group, researchers found the declined to be twice as worse for low income students than wealthier students. So what are the implications of this decline? Well, this is gonna have a long lasting legacy for higher ed. And for the economy at large, you know, Think about it. You've got fewer students this year, so that means you're sophomores. Tomorrow, fewer transfer students getting a bachelor's degree fewer graduates, and we're talking about community colleges, so they tend to serve more low income students, more student parents, portions of color, their places that really open up the door. People left out of

Doug Shapiro National Student Clearing Hous Elissa Bernie Martin
'Operational error' causes Fed payment system to crash

Bloomberg Businessweek

00:28 sec | 2 years ago

'Operational error' causes Fed payment system to crash

"Went down this afternoon, according to a website for payment services operated by the central bank. Spokesman says quote a Federal Reserve operational error resulted in disruption of service in several business lines, THEA outages widespread across the payment systems maintained by the central bank. Including the vital automated clearing house system, known as Fed a CH and the Fed wire funds. Interbank transfer service. Goldman Sachs shares up now by

Central Bank Federal Reserve Goldman Sachs
"clearing house" Discussed on KQED Radio

KQED Radio

01:41 min | 2 years ago

"clearing house" Discussed on KQED Radio

"And stored at minus 280 degrees Fahrenheit. It's unstable, flammable and requires special trucks to transport. Rich man's min is vice president of the industrial Welding Distributors Cooperative, he says because of its volatility, oxygen is typically produced within about 100 miles of where it's used near steel factories, for example, oxygen producers dot the Rust belt and the East Coast. But if you exist out West, that's kind of the problem. El Paso has Albuquerque as even Denver has and why, for example, oxygen produced in Texas cannot ship the hospitals in Brazil. But unlike toilet paper or medical masks, demand for oxygen doesn't hit everywhere at once. So was hot zones travel from coast to coast. So too do the demands on oxygen man's been, says companies sought new ways to coordinate the transfer of oxygen and supplies across longer distances. His trade group started acting as a clearing house to exchange resource is who has access cylinders who has access storage equipment who can lend somebody something for a short period of time? And it's everything from the oxygen itself to the storage tanks to even the people to come out and help set up an installation companies like Norco on Oxygen producer and Boise, It's President Elias Margo. Nous tracks the virus like a weatherman watches hurricanes Every day. I start my day to look at where taste trends are moving data, he says, helps him anticipate what's needed. Where One time he had an excess supply of portable oxygen machines. We then quickly had the ability to move those into the market that really needed them. And.

East Coast vice president producer industrial Welding Distributor Elias Margo El Paso President Texas Brazil Denver Albuquerque
Google Giving Up on Games? - Stadia strategy shifts

All About Android

05:23 min | 2 years ago

Google Giving Up on Games? - Stadia strategy shifts

"Google announced yesterday that it's going to be shuttering. Its in-house game development studio Which they first formed one year ago. It was called stadium games and entertainment. They did all this hiring for brought in all these big names to create essentially create exclusive. First party stadia games to be there in the library in combination with all the other titles that everybody recognizes And google announced yesterday that we're not gonna do that anymore. And i feel like there's a lot to dive into here at the same time. We saw twitter. That you were going wild with this stuff and we were just really entertained by by your thoughts on this so Thought it was a perfect time to bring you on to talk a little bit about stadia. And i'm just curious like right off the top. You've had a day to kind of think about this. What does this say about stadia that they're getting rid of this because it's easy to go into the realm of. Oh google just likes to kill all of its its things before it ever had a chance or whatever. Do you think that's what we're looking at here. Is this different. I think with anything. Google quote unquote kills you. Have you have two sides of the story here. You have the consumer facing side which is often that google gets rid of something that people used And then you have the internal side. Where oftentimes google ends up taking pieces of that thing and applying them somewhere else where they make sense You can look at google wave for example a really really really weird product. That probably didn't make sense for the mass market. But that certain people used and loved and that google took some ideas from an incorporated into google inbox which was then at the thing that people really loved in us and then incorporated those things from inbox into g mail. So google has a way of kind of devouring itself And it's projects. Like that. And i think that is unfortunately what's happening with stadium here It's unfortunate for consumers because it means that stadia as a subscription cloud streaming service. I agree with sean hollister at the verge and what he said. The days are numbered. Now this service won't live on definitely so google says it's still invest in sadia. There will still be third party game releases you know with. Other developers will continue to make games compatible stadia They didn't say if they expected to produce pace of adoption or if they expected to continue to meet their target of four hundred games and what three years or something like that. I forget what the exact timeframe so don't don't quote me. They're quoting myself. i guess. But it's yeah it's dud. i'm. I've said things online and they're having consequences So i think that really the thing that kind of hit the ball About this was the announcement that there was something. Downside games entertainment stadia. Sorry and that was their in house game studio. That is big news. I agree that it's important. But they sort of. I wouldn't say they hit the lead necessarily but they waited a couple of paragraphs to be like and by the way we're looking at say business model and we might kind of take that in a different direction. Maybe who knows And they kind of left with that. They didn't get much more specific other than the say. They wanted to share the stadia platform with partners. So what that to me means a being intentionally vague about it Be that it means. Whatever they're doing does not mean a positive change impact for people who subscribe to stadia. That's they're saying the opposite they're saying that other companies are going to benefit for bid from stadia more than subscribers. Likely well and to me. That's you know. I think everybody else ought for this after a little while to. It's an admission that they want to take stadia and turn it into a be. Your beat ee. Like cloud gaming business where stadia As as a little company inside. Google sells this service. This ability to stream your games to game publishers and developers who can you stadium platform and their hardware resources. Just as you would. Aws amazon web services to stream games to gamers. where google is just the intermediary. It's really just. It's an isp for video games essentially Not not in a lot of senses but insensitive. The service provider here. So i think that's where most people have decided. This is where stadium headed. And i think the reasons for that. You've got a few good ones one. It seemed inevitable if you look at the streaming space Our our senior editor ryan. Hey how to post about this today if you look at the streaming space things initially started basically content. Clearing-houses like netflix switch. Gobbled up all the rights to everything Gave you the right to play it back but over time. Netflix's understood you know these studios and these These tv companies. They are starting to understand how to do what we do which is stream video and streaming video became so easy and so scales service. These companies started climbing back. The rights their content. Because they're like. Hey why would. I put my show on netflix. If i'm cbs. And i can charge people ten dollars a month to watch all every star trek ever So the industry has like very provable. Moved in this direction in the last five or so years. Especially i think what google is doing is foreshadowing that Essentially like all cartoons ization to use a very Poor term of art of video game streaming

Google Sean Hollister Sadia Twitter Netflix Amazon Ryan CBS
Congress gets involved with GameStop and Robinhood

Reset

05:58 min | 2 years ago

Congress gets involved with GameStop and Robinhood

"Story has been crazy but is it all legal whether it's the flurry of retail traders drug stock prices or the hedge funds and partner companies trying to maintain their dominance wall street is entering some new territory and the rules. Aren't really clear here to explain. Why congress is actually starting to involve is recruits. Ronnie mola sherani. Hey daddy so catch me up on game stop so we talked here on the show about retail traders mobilizing on read. It obviously A key part of the internet to buy hundred game. Stop stock right. And then there's this. Hedge fund called melvin capital but hedge for the general were shorting the stock and they lost all this money. What happened since we last talked about game. Stop so basically robin hood. This commission free app that everyone's been using to buy all these memes stocks like games up. Amc announced that it was actually going to restrict trading on certain stocks including game. Stop rate as all. These people were making a lot of money in the stock price was super high. And as a result everyone got really upset especially these retail investors. A lot of people joined this class action lawsuit saying that robinhood manipulated the market by restricting trades and caused them to lose a lot of money. Sort of this. This platform has become Now being dogged by allegations as it's an tank for one side or another. So why would robin and do this. Why would they yup. They're supposed to just facilitate trades and not care whether game stock goes up or down. Don't they make money on volume so they want more activity. But why would robinhood care if some hedge funds were taking a hit. So i don't think robin hood did care that hedge funds retaining hit. There's a lot of confusion about this but basically it comes down to this plumbing about how the market works and how trades are actually executed that you would never really need to know but essentially because all of these people were investing in these really volatile stocks stocks whose prices go up and down. Robinhood has to keep a certain amount of money. These deposits with clearing houses that are based on how volatile a stock is toronto. Keep some money. Just in case stuff goes race yes essentially and because so. Many people were trading in these really volatile stocks. They had to keep a lot more money. Something like tenfold. What they're used to. And they just didn't have the money for so they actually had to get an infusion of cash rely on a few of their investors to give them a billion plus dollars in order that they could keep letting people trade came out said that we didn't want to stop anyone from trading. Anything this has nothing to do with pets funds or anything. This was just a. We didn't have enough money to clear. These deposits okay so for all the conspiracy theories that have been going on about robin hood somehow being on the take or something like that. You're saying the explanation is actually more boring. It's just has to do with the way that complex financial from his actions like this happened right. And i mean it doesn't help that the way that robin hood makes money is it actually has this other company called citadel securities actually executed trades. And they pay robin hood and they make money because they sell the stocks for a little bit more than they buy them for. They make a few pennies on each trade. And then the guy who owns citadel it all securities also owns a hedge fund called citadel which helps bail out melvin capital which was short and game. Stop okay so there's some associations between between Robin hood and the people who were shorting stock. Yes but they're saying this had nothing to do with the decision they made. That was simply because the deposit requirements for too big sure. Sure okay so now what happens now. I mean so. We're starting to see some action in washington about this. Obviously this politically appealing to a lot of people because you can run against wall street running in silicon valley run against the rich people like. Tell me what we can expect. Obviously there's a lot going on dc but the seems like something that could have some. Bipartisan outrage to it yeah you saw lawmakers on both sides of the tweeting and calling for hearings. There's definitely going to be multiple hearings in congress about what happened. Precisely lawmakers are pretty happy to find any reason to call into question. What's going on wall street. And why a lot of this seems very unfair conservative. Republicans like ted cruz want some answers. Progressive democrats warn zero cossio. Cortez are making a big deal about this. Warren obviously has a background in financial regulation. Tell me tell me what she's thinking. About what congress should do about this just so we get a flavor of the types of things being talked about washington. Yeah she's saying there needs to be an sec investigation. The sec needs to do their job. Make sure there's more transparency in financial markets. Make sure it's not rigged. Make sure there's no manipulation so she's sort of just calling for them to figure out what's going on. Are they doing anything about this yet. So the sec side. It's monitoring the situation. It's also going to look into whether any investors were disadvantaged because they weren't allowed to buy these certain securities It's also important to know the sec's in transition right now. They have an acting chair but they're waiting for their nominee Gary gansler to actually be confirmed. But in the meantime yeah. You're you're just gonna see the sec monitoring the situation. They makes me wonder. How does robin feel about sort of these allegations or conspiracy. Theories robert is now being a little bit more open about what happened and they were in the initial kind of crisis mode. Yeah i mean. They've lifted some of the limits that they had on securities. You could now by game stop again if you buy a shares of amc. They're also going on the sort of like pr offensive. Where they're saying exactly what happened. The they wanna tell you all about clearing houses they want to tell you about the deposits the volatility. You know how how they had to spend so much money this time. So like even the vlad ten of went on clubhouse yesterday with your skin kind of tried to explain exactly what happened. you know. And they're just trying to say this wasn't some sort of giant wall street cabal. This was a really boring thing that had to do with deposit requirements.

Robin Hood Melvin Capital Ronnie Mola Sherani Robinhood Congress Citadel Securities Hedge Fund AMC SEC Robin Ted Cruz Cossio Confusion Toronto Citadel Washington Silicon Valley Gary Gansler Cortez
Robinhood CEO speaks out after GameStop stock chaos

Squawk Pod

07:36 min | 2 years ago

Robinhood CEO speaks out after GameStop stock chaos

"Robin hoods roller coaster ride and a new interview from the company's ceo. Trying to slow things down. The popular free brokerage app has experienced unprecedented high volume of trading as well read it reading retail traders pile into a few highly. Shorted stocks in a move organized. In part on the irreverent wall street bet sub reddit. The volume was so overwhelming and companies. You've been hearing about maybe again after a few years game stop. Amc blackberry and nokia but robin hood suspended trading in those stocks on thursday. Wow the reaction to this move was swift and surprising both congresswoman out of cossio. Cortez and senator. Ted cruz found themselves on the same side of an issue. Both tweeting that robin hoods moves were unacceptable and at the expense of the little guy investor over the hedge funds feeling the squeeze when stocks they shorted suddenly shot up a thousand percent in the legend. Robin hood stole from the rich to give to the poor so this was a confusing metaphor yesterday for everybody. Robin hood said it was a risk management decision to protect investors the markets and the firm. The company has to deposit money to a clearinghouse based on the volume of trades. And they feared they'd be unable to meet the anticipating deposit requirements now. The company's ceo joined our andrew. Ross sorkin of squawk box just earlier this week on the power of retail investors. It is a huge time for retail investors. Check your feed for that conversation and then take a listen to this one done just two days later. When the company was dealing with the anger of the robin hoodies they're typically younger users and trying to raise money through credit lines to ensure it had enough capital to resume trading on these volatile stocks. Here's andrew flat. Ten of is with us right now and we appreciate you joining us on a day where there are so many questions there are frankly as you know a lot of angry customers out there and a lot of questions about what took place in the decisions that you made to limit so many your customers ability to buy stocks like game. Stop questions about whether you have a liquidity problem. Whether you're trying to protect them from themselves whether citadel did this explain what happened today. Thank you for having me on the show again andrew. So what happened. Today was as you pointed out. We had to make a very difficult decision. It's been a it's been a challenging day. We made the decision in the morning to limit the buying of about thirteen securities on our platform so to be clear customers could still sell those securities if they had positions in them and they could also trade in the thousands of other security is on our platform so it was a difficult decision. And that's what we had to do as part of normal operations but explain. Why did you do this. What did the call you and tell you you had to do this. Was there a problem inside. The company in terms of liquidity in terms of the demand deposits. The you had to put it in front to the exchanges. What led to this sure and let me let me explain exactly how this works. First of all i want to address some of the misinformation. That's been out there. There's a lot of a. We absolutely did not do this. At the direction of a market maker or hedge fund or anyone we row to or other market participants. The reason we did it was because Robin a brokerage firm. We have lots of financial requirements including sec net capital requirements and clearinghouse deposits. So that's money that we have to deposit burying clearing-houses so some of these requirements fluctuate bid based on volatility in the markets and they can be substantial in the current environment where there's a lot of volatility and a lot of concentrated activity in In these names that have been going viral on social media so we're really in unprecedented times and in order to protect the firm in protect our customers. We had to limit by in these in these stocks in to be absolutely. It's ahead but it sounds to me though that you're suggesting that there was a liquidity problem inside the firm and my question about that then raises all sorts of new questions about whether there's a systemic issue underneath the system and underneath the company unto itself. No there was no liquidity problem and to be clear this was done preemptively so we did this. Proactively in thousands of whether securities remain tradable on the platform customers that held these positions. Were able to seldom in. We're doing what we can to allow a buying 'em to remove these restrictions in the morning but also You might have seen robin hood has been the number one app in the in the store overall so we have seen unprecedented interest due to the fact that finance has been culturally irrelevant in a way that hasn't been before and these stocks are going viral on social media. And i think it's really interesting to juxtapose against some of the other questions that we've been having a before this of course robin For everyday investors from the very beginning with stood for investors opening up access and giving them the ability to trade commission. Free in whatever they want a in. We've gotten a lot of criticism that you know. Maybe there should be more restrictions so it pains us to have had to these restrictions and we're gonna do what we can to enable trading test. How concerned should customers be though about the robustness of the system. If in fact what ultimately had to happen was you had to shut down. Access to buying these securities because of the deposit required. Well to be clear. This was the system working. We have the ability to restrict buying in symbols for a unprecedented market conditions. Such as this in to be clear we didn't shut down the system. We shut down by four of these thirteen stocks for the thirteen securities but customers that position could still sell and customers still could buy and sell the thousands of other securities on the robin hood platform. But when you look at the precipitous fall for example of game stop. Do you think that robinhood bears any responsibility for that. I can't comment on price. Action of of securities and probably would be inappropriate for me to do that in also. I should know rodman wasn't the only firm to restrain buying other. Brokerages have been restricting the buying and trading of these types of securities all week. And even today. Of course we get the lion's share of the attention since we've been the cognitive referring for retail investing in america but other other people are dealing with these challenges as well

Robin Hood Robin Hoods Cossio Ted Cruz Ross Sorkin Andrew Flat Thirteen Securities Andrew Cortez AMC Reddit Nokia SEC Robin Rodman America
"clearing house" Discussed on 90.3 KAZU

90.3 KAZU

02:53 min | 2 years ago

"clearing house" Discussed on 90.3 KAZU

"You want to get something from point A to point B. In this economy, Chances are real good. It's going to get there on a truck. Trucking companies have been complaining for years. About a shortage of one kind of very essential worker truckers, one of many reasons, freight costs are high, a situation exacerbated by the pandemic. But filling out that labor pool had already been getting harder last year, due in part to increase access true drug test results for truckers And this your national drug testing data base is about to enter its second year marketplaces pre Benesch or has more on that. It's hard to run a trucking company. If you can't find truckers, Mary Ball works for heading your trucking in Missouri. At one point, they had 17 truckers. Now they have nine. It's not fun at all. We really struggled to get people in here. Nationally. Speaking part of the issue is demographics. Sean Garni is VP of scope, elitist consulting. Truck drivers in general are older than the general working population, which means that there are more of them retiring and it's hard to find new drivers. You gotta be 21 to get a commercial driver's license, and by that age people have invested in other careers. Bob Costello, chief economist with the American Trucking Association, says the pandemic made things worse. You can't train is many new drivers to the industry. When you talk to truck driver training schools, they have trained 20 to 50% fewer drivers in 2020 compared to 2019. This year. On top of all of that drug tests, A federal clearing house went into effect early last January that allowed states and companies to share drug test results nationwide. So a driver who fails the test in one state can't just go drive in another. Tens of thousands of drivers have been disqualified again, Sean Garni. It's hard to deny the fact that 47,000 drivers have been identified as you notable to operate a commercial motor vehicle since the beginning the clearinghouse. Half of the violations are for marijuana, a drug that is increasingly legal or tolerated in many states, but is a controlled substance at the federal level. Here's Mary Bowl again over it, heading our shipping. She says. Some drivers are put off. We've had some that have said Yes, until they found out about having to register with the drug and alcohol clearing house and they didn't want to do that. Of course, one consequence of high demand for truckers could be better pay in New York. I'm simply been ashore for marketplace Busses in Washington, D C. Are charging for rides again. Fares had been waived since beginning back in March, Passengers got on through the back doors as a way to keep drivers safe. Collecting payments again is an indicator of how transit systems are just trying to hang on until things go back to normal or Really? Whatever the new normal is going to be. Ridership is down in every major city. As we have been telling you. Marketplaces Kristin Schwab has more now on how transit funding an investment could change. Transit ridership had been falling long before the pandemic..

Sean Garni Mary Bowl American Trucking Association Mary Ball Benesch Bob Costello Kristin Schwab Missouri marijuana chief economist VP New York Washington
"clearing house" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

02:54 min | 2 years ago

"clearing house" Discussed on WNYC 93.9 FM

"You want to get something from point A to point B. In this economy, Chances are real good. It's going to get there on a truck. Trucking companies have been complaining for years. About a shortage of one kind of very essential worker Truckers, One of the many reasons freight costs are high, a situation exacerbated by the pandemic. But filling out that labor pool had already been getting harder last year, due in part to increase the access True drug test results for truckers and this year national Drug testing Data base is about to enter its second year. Marketplaces prevent ashore has more on that. It's hard to run a trucking company. If you can't find truckers, Mary Ball works for heading her trucking in Missouri. At one point, they had 17 truckers. Now they have nine it not fun at all. We really struggled to get people in here. Nationally. Speaking part of the issue is demographics. Sean Garni is VP of scope. Elitist consulting truck drivers in general are older than the general working population, which means that There are more of them retiring and it's hard to find new drivers. You gotta be 21 to get a commercial driver's license, and by that age people have invested in other careers. Bob Costello, chief economist with the American Trucking Association, says the pandemic made things worse. You can't train is many new drivers to the industry. When you talk to truck driver training schools, they have trained 20 to 50% fewer drivers in 2020 compared to 2019. And this year on top of all of that drug tests, A federal clearing house went into effect early last January that allowed states and companies to share drug test results nationwide. So a driver who fails the test in one state can't just go drive in another. Tens of thousands of drivers have been disqualified again, Sean Garni. It's hard to deny the fact that 47,000 drivers have been identified as you notable to operate a commercial motor vehicle since the beginning the clearinghouse. Half of the violations are from marijuana, a drug that is increasingly legal or tolerated in many states, but is a controlled substance at the federal level. Here's Mary Bowl again over it, heading our shipping. She says. Some drivers are put off. We've had some that have said Yes, until they found out about having to register with the juggernaut called Clearing House, and they didn't want to do that. Of course, one consequence of high demand for truckers could be better pay in New York I'm simply vanish or for marketplace Busses in Washington, D C. Are charging for rides again. Fares had been waived since beginning back in March, Passengers got on through the back doors as a way to keep drivers safe. Collecting payments again is an indicator of how transit systems are just trying to hang on until things go back to normal or Really? Whatever the new normal is going to be. Ridership is down in every major city. As we have been telling you. Marketplaces Kristin Schwab has more now on how transit funding an investment could change. Transit ridership had been falling long before the pandemic..

Sean Garni Clearing House Mary Bowl American Trucking Association Mary Ball Bob Costello Kristin Schwab Missouri marijuana chief economist VP New York Washington
"clearing house" Discussed on KCRW

KCRW

02:58 min | 2 years ago

"clearing house" Discussed on KCRW

"You want to get something from point A to point B. In this economy, Chances are real good. It's going to get there on a truck. Trucking companies have been complaining for years. About a shortage of one kind of very essential worker Truckers, One of the many reasons freight costs are high, a situation exacerbated by the pandemic. But filling out that labor pool had already been getting harder last year, due in part to increase the access True drug test results for truckers and this year national Drug testing Data base is about to enter its second year. Marketplaces prevent ashore has more on that. It's hard to run a trucking company. If you can't find truckers, Mary Ball works for heading her trucking in Missouri. At one point, they had 17 truckers. Now they have nine it not fun at all. We really struggled to get people in here. Nationally. Speaking part of the issue is demographics. Sean Garni is VP of scope, elitist consulting. Truck drivers in general are older than the general working population, which means that there are more of them retiring and it's hard to find new drivers. You gotta be 21 to get a commercial driver's license, and by that age people have invested in other careers. Bob Costello, chief economist with the American Trucking Association, says the pandemic made things worse. You can't train is many new drivers to the industry. When you talk to truck driver training schools, they have trained 20 to 50% fewer drivers in 2020 compared to 2019. And this year on top of all of that drug tests, A federal clearing house went into effect early last January that allowed states and companies to share drug test results nationwide. So a driver who fails the test in one state can't just go drive in another. Tens of thousands of drivers have been disqualified again, Sean Garni. It's hard to deny the fact that 47,000 drivers have been identified as you notable to operate a commercial motor vehicle since the beginning the clearinghouse. Half of the violations are from marijuana, a drug that is increasingly legal or tolerated in many states, but is a controlled substance at the federal level. Here's Mary Ball again over it, heading our shipping. She says. Some drivers are put off. We've had some that have said yes, until they found out about having to register with the drug knockoff clearing house and they didn't want to do that. Of course, one consequence of high demand for truckers could be better pay in New York I'm simply vanish or for marketplace Busses in Washington, D C. Are charging for rides again. Fares had been waived since beginning back in March, Passengers got on through the back doors as a way to keep drivers safe. Collecting payments again is an indicator of how transit systems are just trying to hang on until things go back to normal or Really? Whatever the new normal is going to be. Ridership is down in every major city. As we have been telling you. Marketplaces Kristin Schwab has more now on how transit funding an investment could change. Transit ridership had been falling long before the pandemic..

Mary Ball Sean Garni American Trucking Association Bob Costello Kristin Schwab Missouri marijuana chief economist VP New York Washington
ESL and DreamHack Finally Combine Under ESL Gaming Brand

The Esports Minute

01:35 min | 2 years ago

ESL and DreamHack Finally Combine Under ESL Gaming Brand

"Is Andrea Mac have basically worked together since two thousand fifteen. That was the year that Modern Times Group A digital entertainment company based in Sweden acquired a majority stake in turtle entertainment the owners of Esl a few months later, MT g bought one hundred percent of dream hack combining the two most well known third party. Tournaments the brands weren't always totally in lockstep even under the empty jeep brand there was value in each having their own events and unique style. But lately, the two brands have come a lot closer. Both ESL injury Mac were hit particularly hard by Cova which caused live events to be cancelled to make up for some of the lost revenue. MPG started selling meteorites, ESL and dream events. When they were broadcast in various countries, they sold those meteorites for China they sold it for Brazil and this whole for a few other regions as well. It seemed like a proper merger was imminent and today it finally was made official is Ellen Mac will now operate under the brand esl gaming both tournaments will still exist. So expect dream hacks again when live events can return, but operations will happen under that esl gaming brand. It's not really clear. House will change things from an outward perspective although internally, there has to be some reorganisation. If I had to guess, I'd say they're likely going to really hammer in what says the to organizers apart esl is focused on pure top flight competition. It's usually associated with CS go dream. Hack. Meanwhile. As gaming lifestyle festival, I could see Dream Act really leaning into that general gaming plus entertainment focus while esl continues to focus on supporting the top leagues like the pro, league,

Andrea Mac Ellen Mac Modern Times Group Cova MPG Sweden Brazil China Official
Podcast: Challenges including 5G, network slicing, IoT and M2M highlight need for operators to turn to enhanced reporting that provides increased network visibility - burst 1

Telecom Reseller

02:13 min | 2 years ago

Podcast: Challenges including 5G, network slicing, IoT and M2M highlight need for operators to turn to enhanced reporting that provides increased network visibility - burst 1

"Pianist, has a broad range of global manage data solutions in payments in tech and telecom. We provide highly reliable mission, critical communications and interoperability solutions to these industries in Telecom. One of the things we do is we enable operators expand their domestic and international footprint to an lt roaming hub which connects them to operators around the world with a single connection. Next also provides state of the art roaming solutions for data clearing and financial. So I heard recently. The you had a tier one operator. North. America switch over to your financial clearing service. We just say that that was important. Yeah. I I think it's important and I can explain why financial clearing performs a fundamental function of. Roaming mobile roaming relationship. FDA processes and procedures are standardised. Basically, all financial clearing-houses adhere to industry standards. So when operator a major operator leaves the existing F C H, I think that operators signaling to the industry that they are looking for a few possible things. One of those things service level. They want higher service quality from their vendor partner service level is consistently important across operates we speak to work with. The second thing I think is innovation they're looking for enhanced reporting capabilities, enhance clearing, and settlement functions. They. Want. Features for problem solving and data management. And finally I, think they require support for next level next generation technologies and that includes to M Iot and five. So why haven't any ones move since twenty thirteen? There are a few reasons for that. I can see. So between two thousand and two, thousand thirteen, there was a heavy industry consolidation of these state of clearing and financial clearing suppliers. Top of these acquisitions and mergers, the market was very saturated already for these services. Also suppliers were bundling. Services

M Iot FDA Partner America
Podcast: Challenges including 5G, network slicing, IoT and M2M highlight need for operators to turn to enhanced reporting that provides increased network visibility - burst 1

Podcasts – Telecom Reseller

02:09 min | 2 years ago

Podcast: Challenges including 5G, network slicing, IoT and M2M highlight need for operators to turn to enhanced reporting that provides increased network visibility - burst 1

"So we're GONNA, be talking about a nice fresh new topic in our podcast, they were talking about the importance of data analytics in the five G. era. We're GONNA be talking about a lot more than that too. A lot of things will be impacting the telecoms and telcos and carriers since. But I what is NS. CNS has a broad range of global manage data solutions in payments in tech and telecom. We provide highly reliable mission, critical communications and interoperability solutions to these industries in Telecom. One of the things we do is we enable operators expand their domestic and international footprint to an lt roaming hub which connects them to operators around the world with a single connection. Next also provides state of the art roaming solutions for data clearing and financial. So I heard recently. The you had a tier one operator, North America switch over to your financial clearing service. We just say that that was important. Yeah I I think it's important and I can explain why financial clearing performs a fundamental function of. Roaming mobile roaming relationship. FDA processes and procedures are standardised. Basically, all financial clearing-houses adhere to industry standards. So when operator a major operator leaves the existing F C H I, think that operators signaling to the industry that they are looking for a few possible things. One of those things service level. They want higher service quality from their vendor partner service level is consistently important across operates we speak to work with. The second thing I think is innovation they're looking for enhanced reporting capabilities, enhance clearing, and settlement functions. They want. Features for problem, solving and data management. And finally, I think they require support for next level next generation technologies, and that includes to M Iot and five. So why haven't any ones move since twenty thirteen?

Telecoms M Iot FDA North America Partner
Podcast: Challenges including 5G, network slicing, IoT and M2M highlight need for operators to turn to enhanced reporting that provides increased network visibility - burst 1

Telecom Reseller

01:27 min | 2 years ago

Podcast: Challenges including 5G, network slicing, IoT and M2M highlight need for operators to turn to enhanced reporting that provides increased network visibility - burst 1

"Pianist, has a broad range of global manage data solutions in payments in tech and telecom. We provide highly reliable mission, critical communications and interoperability solutions to these industries in Telecom. One of the things we do is we enable operators expand their domestic and international footprint to an lt roaming hub which connects them to operators around the world with a single connection. Next also provides state of the art roaming solutions for data clearing and financial. So I heard recently. The you had a tier one operator. North. America switch over to your financial clearing service. We just say that that was important. Yeah. I I think it's important and I can explain why financial clearing performs a fundamental function of. Roaming mobile roaming relationship. FDA processes and procedures are standardised. Basically, all financial clearing-houses adhere to industry standards. So when operator a major operator leaves the existing F C H, I think that operators signaling to the industry that they are looking for a few possible things. One of those things service level. They want higher service quality from their vendor partner service level is consistently important across operates we speak to work with. The second thing I think is

Partner FDA America
Starting Zocdoc with Oliver Kharraz

How I Built This

1:03:33 hr | 2 years ago

Starting Zocdoc with Oliver Kharraz

"Oliver Karaz was born and raised in Germany mostly in rural parts of the country his mother was German and his father was from Iran in came from a long line of doctors. For me, it really starts in some ways with my dad and. The timing rapidly had every reason to become a social activist and and so he came to Germany from the Middle East when he was very young around twenty with no money in his pocket no language skills. And you personally then worked on of odd jobs, but he eventually became a psychiatrist but what has really shaped me much more than being born in Berlin is. Social. Active. Isn't that I that I saw him live and that he really made our family mattress we always talked about talent responsibility and the need to use. Whatever telling behind to help those. Around us that we can make a difference. Given that your father was Iranian and your mother was was sort of. German. An Uber even though you were born in Germany, did you feel did you feel as Germany everybody else? So I didn't have a second identity. We only used spoke German at home and yet. As you say I was also a not always fully accepted. So if I give you an example, my school twelve hundred students and you could pick out to the didn't look like everyone else and I was one of them right and even an enlightened country like Germany. That is notable. So I had what I call a visual accent would people would see me on the street and they would ask me how to speak German. So well and But they also school the skipped my name when reading out scores because they weren't sure how to pronounce my last name and opportunities taken away and even at was physically threatened so i. I think that really shaping in many ways because I realized. Very early that in order to be as successful as everyone around me I would have to be dramatically better in really work much much harder than anyone else and so that used to be strong work ethic in me. For the record Oliver is somewhat down playing his work ethic. Because just out of high school, he actually started his first successful company. It was the early clunky days of the Internet, and he designed a way to help people send emails more easily and he wound up selling that business not for a ton of money, but enough to get him through medical school. But. After practicing medicine for a couple years Oliver realized he couldn't stop thinking about that first business he'd started and how he wanted to start another. So he quit his job in medicine and consulting job with Mackenzie and eventually moved to New York. That was my goal was actually to start another company that that's A. Healthcare, but I I'd also realized at the time that I sold my first company and far too cheaply in that I should learn more about business I and at McKinsey God exposure to balance sheets and panels and hit a lot of very practical experience and what it means to manage business. And I think they fondly of my time at McKinsey was one of my better decisions. McKinsey GonNa Mackenzie is a little bit like going to business school. A lot of people at McKinsey have come from business, schools. In that. Many people go to business school thinking they will find a co-founder. Did you were you actively looking around at your colleagues to think maybe I can do something with him or her you know maybe that person. Absolutely and were you just thinking about different business ideas all the time? Well, it is actually very hard to find good ideas and my definition of a good idea was that it needed to have a great mission I. wanted to make sure that we actually do something good in that. We stayed true to sort of talent breaks responsibility, but also wanted to be a large market and to have a great motor rounded and also I wanted to be based on contrarian inside. Because I thought that all of the best companies have that at its core. While she wanted mission, you wanted a company that could kind of dominate its field by building a motor around it, but was also contrary and that's that's that's those are some interesting. Criteria. And that's why I screen for several years rejected pretty much every idea that that I came across And meanwhile. While you're going through all that I guess you meet this guy Cyrus Masumi. WHO's another McKenzie consultant and and just you just. Become friends like he's like somebody like in and you guys start hanging out. While we got put on study together that required us to travel globally and you've ever done that it meant frost were sixteen eighteen hour days together for three four, five months on end and we really. Got To become great partners in that and and what we realized that we had some. Very complementary skills. Cyrus is one of the most charismatic and gregarious individuals. You'd ever meet his very passionate. He could be more forceful, which sometimes was needed to be effective with clients. And you've talked to me now for a little bit as you can probably tell. More dispassionate and logical and more measuring. German? More, German in many ways, right. also was effective with clients by by. and Cyrus is American right? He's American this but that That close listened and how we work together that really started friendship and we stayed close for the study and be caught up over lunch pretty regularly denounce different business ideas off one another and. I think we connected because we had similar interests because. On. Some levels We were equally passionate about what we're doing higher says, passion was more visible to others than mine but we. Were close enough together that we both accepted. The other as. individual that that we could learn a lot from. Was it was it clear pretty soon after you start hanging out, Sarah's that this was the guy because you were. You're on the lookout for a partner. They I think it was was absolutely an option I know reality is that. With. Both founded companies before Mckinsey and we both knew that we wanna do it again and as I. was always great about being. Very honest. Rather than just nice and and I value that a lot. Yeah. All, right. So So this guy, Cyrus Super Charismatic, really smart clearly, the two of you start to to work together. And what what kind of business ideas are are you coming up with? While we kind of fell in love with a new idea that came about a one of these launches were Cyrus. Told me about how he recently ruptured his eardrum by flying with a cold and then found it very difficult to actually find a doctor and he had asked for recommendations and called down his insurance directory listing started with the as. Doctors weren't accepting new patients some no longer accepted two centurions one provider Pasta Way and so he said, well, why does it take four days to the doctor when I'm in pain right? And why can't this much easier? And we. Both very quickly. realized the potential of this idea from. Working at project be new helps us the for actually spending millions of dollars for marketing to grow their patient base because they had wasted inventory, right they had something that I like to call hidden supply, which is these last minute cancellations no-shows reschedules. That the that go to waste, and then on the other, there are the patients who had a hard time accessing this. You thought it immediately clicked with these my God. Yes. Doctor's appointments connect patients to doctors. Yeah. Well, look if you go through the forfeiture that I had read, it's a great mission right? We're making one of the most personal needs more accessible for for patients we can help patients to get in fast we can help the doctors become more efficient. We can make the entire health care system more cost effective people out of the emergency room things like that, and it's a marketplace. So there is a strong mode and clearly anything in healthcare is a large market and I think the contrary and inside that we had. was. The fact that. Most people thought it's normal that people have to wait twenty four days to a doctor because there's a doctor shortage in read our inside was really no doctors have asthma debate ability because of these last minute cancellations, no-shows reschedules and so I felt very about this idea. So. So you member like how long between the time that the you had that first conversation To the time were both you said, let's start this business was like monster or weeks or days. was was weeks. We what we what we started doing is actually. Mocking up the side in how imagine back then in powerpoint pointing just the wire. Website. Yeah. Wire frame. Exactly. We would. We'd go into starbucks and we'll chat up strangers and say, Hey, here's a five dollar gift card. Give me your thoughts. Sorry I'm GonNa. Go back. You just go to people in starbucks Gift Card and say, can you give me your thoughts? Random Person? The absolutely that's that was sort of our market testing. They wouldn't. They would be like excuse me this is a little weird. You're my space. Might also happen from time to time but you know there's lots of people on starbucks is very in German of you. That's debris because usually he would be to report tentative about doing that. Well, you know I think there was a lot less rejection than you think people actually quite open I. Suggest you try this out but if you If you're unthreatening in Luke harmless as we probably dead and then they'll be pretty open. You went up to and starbucks and you'd say, Hey, we're thinking about a company here. Can you just look at his powerpoint give you five dollars Gift Card and what was in the powerpoint, the popcorn and was just what we thought. This website would look like and we would ask them is the set service that resonates with you would you use it and and we got an incredibly valuable feedback here and really set us in many ways on the on the right track right? So and what pointed to the two of you decide let's quit McKinsey. Let's. Let's pursue this. Probably a month or two after we initially discussed idea did anybody say you were crazy for quitting? Everyone. Everyone told us. Crazy and got a lot of negative feedback on the idea to write people would say this is Bloomberg out I would never pick my doctor on the internet or I already have a doctor or you know doctors wouldn't accept patients that that are looking on the Internet of all kinds of protections that people had when they were thinking about their own situation by. When when you talk to people and starbucks, they actually thought about it much more positively. So we were encouraged enough to say, well, this is going to work as long as we get out of our circle and don't ask McKinsey consultants doctors. The responsible be better. All right. So you are in your thirties at this point. And presumably were making pretty good cash at McKinsey because you were probably you'd know expenses you're on the road all the time so. When you quit, I'm assuming you had some money to launch the business and probably live off for a while. Yeah. So I very deliberately had never raised my living standard to the money that the paying McKinsey and I had saved every dime so that I could. No be in a position where can fund this embraced can afford not to take a salary for a couple of years. Wow. So so a couple of hundred thousand and you saved. You know. Maybe. I'm to Germany to discuss personal finances but. I had. Built this. Radio, you can tell the. Story Yeah I I had I had enough money to live off for for several years but I also Saturday night both finance the company early out of our own savings so that clearly diminish We had leftover after that. So now, you both decided to quit. and. You have some technical expertise because you had. You had done some coding but this is next level stuff. Were you able to be that technology founder and Cyrus was going to be the the sort of the business founder? Absolutely not as I add coated but at that point, I had not touched a computer for a long time We knew we need to have a technical co founder and so Sarah's knew a guy named Nick Guanzhou from the time together, trophy software, and this is another company that they would both worked at the that's the company that they're both previously worked together and Nick just brought a totally different perspective and really educated Addison me on a lot of things and and he was really the one who understood a building a seamless experience for the consumer and ends May. Zach Docs. Early Genius, did you did you have the name dock from the beginning? Not, not initially we we went to several phases on on what the right name could be for for while we wanted to have a descriptive name. So we looked at physicians, dot Com Doctors Dot Com, and we actually tracked down the owners of one of these domains and they wanted several million dollars for the domain name. And and we were finding the company ourselves. So that was out of the question. So then we just sat in a room and we brainstorm a list of fifty or one hundred names, and then started eliminating names until we arrived at Dr. What does it mean? or it doesn't mean anything which was the WTO bit we could. There were zero search results. Okay. There's no meaning behind his ACH. There's no meaning behind and and in hindsight it was precisely the right thing to do because it really was a blank slate for us to fill with with meaning and really build a brand around. Zero such as October we started. It address nate the right lake once you know that it takes more than three weeks from picking up the phone and dialing for doctors till you actually see someone you realize Oh, this really not much else that we have to wait so long for to get. And this is more important than most of these other things you already have. Fantastic access View Magin. If air travel way that healthcare workers that wouldn't be an expedia that wouldn't even be Delta Dot Com that would be individual phone numbers for every plane. Imagine. If that happened, you know a half the planes would fly empty it would be a massive pain and that was actually the state of health care before sock. Is Amazing that that the nothing like this was out there in two thousand seven. I look at I. Think. In many ways you couldn't build it a much earlier. In the early days. When we went out there, we were the ones installing Internet of the doctor's offices. We. They they were a many times just migrating from a paper books to scheduling systems. We were at the cusp of digitisation for healthcare. We were just lucky in our timing to get this right in and start offering the service when that also happened. All right. So you decide to pursue Zach dock and it's the three of you. I'm assuming really just at the beginning and were you working out of out of one of your apartments? Did you guys rent space? No, we worked out of respect for. Many. Times we came to make yet the nicest apartment and and we could bring breakfast Burrito and bake him up and you know the the reality is that we originally had a pretty ambitious launch plan right so we got together around July. We wanted to launch by December of two, thousand seven. Something interesting happened were nick send an email suggesting to look at what was then called techcrunch forty. Take is is now a household name but the draw for us back then was there was a fifty thousand dollar prize now it's called tech crunch disrupt think. So it's a major a startup competition. It's a startup competition and we were the first class of this was much less known be budgeted two hours to fill in the application in really which will send it off. He didn't think about it anymore that there was an early July and early August we've heard that we had been accepted, but there was a complication we'd have to be ready by September eighteenth or. That was three months sooner than we had originally planned to launch. So you'd have a live website by September that is right that is right with doctors with doctors, right So we actually debated for a few hours whether we should even tried to go for that but we ultimately said, yes, we can get the website working and we wanted to have enough doctors just a bars wouldn't look pathetic. Brayden. Coded Night Neither Day and nick really busted his but he did the patient facing side of the website and that was the programs. What was potentially even harder because we're tried to launch a marketplace was to actually get the initial supply on there and remember the website wasn't there yet so. Tires ended up going door to door for doctors offices. Excuse telling them a powerpoint page, and this is really a testament to cyrus sheer willing determination if you think about what it means to really start a company early on, there's nothing to show right you may be a powerpoint but there's no website there's no patience. There's no other doctors no social proof and it has to run on passion and very clear that that is Cyrus superpower. He just went to random doctors offices or he had like a list of doctors offices and he started kind of walking block by block. Well, there's a lot of walking involved a we launched in Manhattan so you can literally go down the street and you see. The signs and you walk in. And he was basically saying look, it's a way to connect you to patients. How was how many by the way? What was your objective? How many doctors do you need to sign up to have this website look okay by September Between six and ten was our goal. Okay. So just doable it is a was extremely hard really. Is telling doctors is one of the hardest things to do why were they saying? Well, first of all, it is baby very hard to even speak to a doctor they are being shielded. Their time is very valuable. Office managers are trained not to let anyone talk to them to protect the doctor from people walking in selling them stuff shirt them. Secondly, they many didn't want to give up control over their calendar which has to write. We ask them to post times that a patient could book into it and it was just a far fetched idea for many of them the patients would actually do this. So he got a lot of knows he got a lot of knows. He'd go there and he just simply not leave until he got a chance to speak to the doctor and a few times. It was even escorted out by security. I really think one in a million could have put this off. I mean was he going to particular kinds of doctors or was he generally focused on an Internet general? Practitioners Ob sobe began with dentists Okay. Because our thinking was that. People go to dentists most often, and we wanted to make sure that we have an offering that is relevant for patients as often as possible. I. Got you so so eventually unassuming, you do get what six to ten or how many did you get by September of two thousand seven Eight. In the meantime, you inequity doing the back end stuff you were doing the coding and building the website does right and as you were building it. How did it look? So. The bit that Nick Build looked awesome for the time I think. It was impressive. We were. Very. Satisfied that we had a scroll bar that we had a map that we had back then already the insurance selector and a lot of feature that. Weren't to be found really anywhere else. All right. So September two, thousand, seven, you are ready to reveal. This service at. Tech. Crunch. And Doth Review present or did did Cyrus kind of wishy the spokesperson? Cyrus. I presented Nick stayed behind in New York to make sure that the less the website was actually up and running This is in San Francisco that you went to the we flew out to San Francisco and So we lost sock talk in front of Eight, nine, hundred people. A lot of them were journalists when the judges opened up with feedback guy covers ocoee who we newnan in valued. As embezzles forever apple he came out to said he he didn't get it. He would never use this in front of everyone right and. His direct load something like honestly Oh, it just never occurred to me to go to any doctor that's really burned in in my brain and what was worse is that he seemed to be right we didn't get a single booking. We were hoping that this PR would get us out of our initial batch of users, right because your other. So many tech journalists there. So you know the publicity may be would would would lead to bookings and that was the hope but. It actually took three days before regard our first legitimate a patient, and and in the entire first month, we only got five bookings. You come back from San Francisco and. You know you had Guy Kawasaki. Say I don't I would never use this service? I'm sure he feels differently today but man maybe then Ezio said that but did did you come back feeling like like dejected like losers or or were you excited like how did you feel coming back? While you know I think we obviously hoping we would eventually get more bookings and In the beginning you probably refreshed. The Bookings Report Hundred Times a day by as we were thinking through what we realized. It was really a typical two sided marketplace challenge It's just a classic chicken and egg problem. You need the supply to get the demand and you need the demand to entice them supply and for dark was even trickier. Right when you think about it, healthcare is hyper local. Very complicated. So you have to match. Supply and demand on a Zip code specialty level, and then we have thousands of insurances take. Until we realized that our odds of actually finding a patient that wanted. An offer there. Quite low, and so the best path forward was to methodically build up supply, and so we just kept going put up a huge map of Manhattan on the wall, and then a sleep put little flags on of where the doctor's brother we're on the website in which insurance is accepted and we just we knew the perseverance. Is the name of the game. Back in just a moment how oliver and Cyrus Begin to drum up interest in stock and how they even start to raise some money at figure out how to dress differently, stay with us guy rows and you're listening to how I built this from NPR. Hey everyone. Just a quick thanks to our sponsors who helped make this podcast possible I to epic provision maker of epic bar beef was nature's idea the epic bar was. The new Vif Sea salt and pepper bars have three grams total carbs why it's in their nature after all, they're made with one hundred percent grass fed beef, and nature's Metro's three grams, total carbs, eleven, grams of protein find them in the bar borrow or at epic Bar Dot Com. Thanks also to stand for Small and American Express. If you're a small business owner head to stand for small dot com slash partner for resources, offers and tools from a growing group of companies that want to help your business get back to business visit stand for small dot com slash partner to get started. Thanks also to Microsoft, the world has changed and Microsoft teams is there to help us stay connected teams is the safe and secure way to chat, meet, call and collaborate to learn more visit Microsoft dot com slash teams. Here, at life, we know that getting your financial house in order can feel painful. Now, there's this whole corona virus pandemic. The deal with our personal finance tuneup series will help you feel more confident and get you on the right track listen and subscribe to NPR's Life Kit. And just a reminder, you can preorder the how I built this book right now, and if you do I'll send you a free signed book plate to go inside the book. The book is a collection of insights and wisdom from some of the most incredible and inspiring makers, inventors, builders, and dreamers on earth to preorder and to get your free signed book plate while supplies. Last, please go to Guira DOT COM or how I built this dot. com. Hey welcome back to how I built this from NPR Cairo's. So it's two, thousand, seven and Oliver. Cyrus. Nick are basically powering through with Zach dock going door to door trying to convince doctors. It's a valuable service and the thing about doctors even though they're really smart and capable and we depend on them. A lot of their offices especially back in two, thousand, seven or sort of technologically in the Stone Age. There was incredibly complicated to sink the doctors calendars with ours. Because none of the software was actually made to sink. Were even in the places where we had syncs up and running, we would frequently get. Feedback while the punishment didn't happen because the doctor wasn't available and we really couldn't figure out why this was the case because when we did screen chairs with the office to their calendar and and our calendar, it was identical right and couldn't figure out why that's happening. So I decided to sit next to the office manager I went there and got to know him and his family photos of his dog. I fixed the printer taught a better strategies to play minesweeper still couldn't figure it out. Until one day, the doctor would come out and she'd say, Hey David I'm out next Friday. And then what does David do does he go into the calendar and block out next Friday or does he take a post? It note On a doctor out next Friday and sticks this too is monitor. In the real world. These post it notes, of course happen and but once you know that Matthew Friend, you can start filtering this out and that's one example they were literally a thousand point, one percent solutions that we had to figure out to make this work. Wow. That sounds I'm getting exhausted. Just hearing about that because this is like even like Google calendars, right? Yeah. Yeah. That was that was early days and what we were extremely focused around were making show the experience was fantastic. If something went wrong, we fix it. Right. So I was our customer service I personally would call the doctor and and confirmed the appointment was all said if it wasn't I, personally contact the patient to let them know and then I would offer them. Amazon Gift Card alongside with an apology those actually one case where it didn't catch a patient in time. and. The were in the subway to the doctor, and so I raised them to the doctor's office and picked up a bouquet of flowers on the way there and met them in person to apologize. And that was really a turning point burs. The service has to work and we need to be have this patients I attitude in in terms of how it works completely ingrained in the company. All right. So you clearly need to kind of grow this Were you offering this service doctors for free at the time? Initially. We for free by we eventually started charging fifty dollars per month. But Sam doctor you come into my office and you say, Hey, if you pay me I can bring you more customers. I would be skeptical I would've said to you you who whose, who even knows about you. You'RE GONNA you're asking me to pay you money for Phantom bookings for maybe no customers I mean did some of the doctors say Many. The US summarize our sales challenge. Right? It was very hard because even if you wanted to, we couldn't easily share how many patients their competitors are down the road God like that was something that was confidential. All right. So you are you got this chicken and egg problem. Not, enough people signing up and he gets skeptical doctors but you know that the service could really benefit the doctors, but you also need them to pay for because otherwise you know but business. Meantime at a certain point I'm assuming you guys start to think we'd better go out and look for money if we're going to really make this thing work. Yeah. Yeah. That that happened in the spring of two, thousand, eight we decided we raise series. And we we make the rounds we get in front of a number of the big name, BC New York the also go to Sandhill road in impel. Toho Santo Road we leads and road initially were very successful at all we got Polite knows. and. Ray No feedback control someone took us as I told us you know what the idea seems. Good. But you're consultants I'd and the perspective of its consultants can't get anything done and what realized is that even though we had both founded companies before our Mackenzie Pedigree in our keys and button down shirts, they were really hurting us, and so we wait rank Khakis and button down shirts. It sounds crazy. Were they pleaded pants or were they at least nine pleaded please. Yeah Yeah. Yeah we after hearing that feedback We very quickly just went to the next gap and bought jeans and t-shirts and from that on the combos with VC's when but a lot better. So you went from McKinsey consultant look to this are the tech casual uniform of jeans and t-shirts that that's exactly right and we introduced ourselves not as NBA's and McKinsey Consultants but we introduce ourselves previous entrepreneurs that are starting their next company. was was anyone biting? Were there people who were like? Yeah there's a great idea I'm in. So interesting enough we had raised some money from. Friends and colleagues, and many of those they invested in US business plan unseen just based on the fact that we. Were giving up our careers at McKinsey to pursue talks. So that felt really a great. and. As we started changing how we appeared in how we introduced ourselves to venture capitalists L., we started to get offers and so in August of two thousand eight, we ended up raising five million from KHOSLA ventures expeditions mark. Wow Mark Banya Jeff bezos, and Venus is. All their. Funds are in which sounds like a lot before you WanNa do it's actually. Kinda limited because you still it seems to me in two thousand eight even though you have five million dollars a lot of money you still have this problem which is you've gotta get. Customers, and then to get customers, you need lots of doctors had lots of options but to get doctors, you need lots of customers booking through the site to you do that precisely D- These five million dollars per lily earmarked for making New, York, work, right, Miguel, I market work but. immediately after raising the money the financial crisis hit. And You may remember there was rest in peace a memo that went around about startups, right? Yes. About start ups, never being able to raise money arrested in peace good times. So we got this job is to make the money stretch in. We probably learn not during this time This was really our first go round making hard choices and what I want to be frugal and not to do things we can't afford and We learned to not let money replace critical, thinking and creativity. But now we continued to grind away at New York and at some point felt while if you want to get. To the next level we have to prove. Dr Isn't just a New York City phenomenon. Right? We had to prove that it would work in a second city But at that point, we didn't have the money to do this anymore, and by the way you're still your approach was still the same. It was door to door. That's right door to door and how how you building awareness about the about the fact Zach existed with customers with potential customers. So we it was day very difficult to get someone. To the website. Yeah but when they did. They loved it because it was such a step change from how healthcare used to work for him. Right they used to have to pick up the phone and wait on hold and then plays scheduling. tetris. With the office manager, can you do Wednesday morning about Thursday noon? Friday afternoon, and now they could do the same thing in a minute and have complete overview about the ability patients loved it and they told their friends. So we we started to get word of mouth. Going, and so we saw New York really taking up and we felt like, okay, this does this go into work in New York. At a minimum rate, but we also realized that it took us a fair bit of time. And money to get it going. In New, York and do we couldn't with the money we had left from the five million easily expanded into a new city at the same time. Raising money was going to be difficult because the next generation of investors wanted to see that it works and other cities as Walter. So we were a little bit in this catch twenty, two we ended up. Applying to. Force boost Your Business Competition Four. Forbes has his competition as sell to where they give away money right to they were promising a hundred thousand dollar prize. And at this time. We won. And Yeah what did is they gave us one of these large publishers. Clearinghouse is sex and very useful actually used to cover a hole in one in our only conference room. There was a hole in the wall and we covered it with that. At, this point you are, you are working out of an office, not not an apartment at this point we were working out of A. Shared Office space we work. Yeah. So they had given us publisher clearing house is is check but they fail to give us the small check for three months and we were getting really nervous, but it would still get it but. But ultimately, we got that one hundred thousand dollars and that's what we used to launch and our second market in DC in Washington DC and would did it require you guys to move down there or were you did you hire because I'm assuming you had to? A lot of your early capital was going into sales. Business Development hiring sales reps, is that right? Right, we had a couple of sales reps at the time. A. Very first employee ever was a sales rep is still with the company today and He was great. He figured out how to. Really charm his way. To the doctor. So there were no more security guards escorting anyone out. When did you? I'm assuming that even in two, thousand, nine, two, thousand, ten, and beyond we're not yet profitable. Far From It? Yeah. Far from it right because it's a capital intensive business. Yes. We obviously invested heavily in customer service wanted patients to have a great experience. And we had a quite sizable engineering team because that was actually a major engineering effort. So what started to happen when did you start to kind of see? A real turning point. Yeah. So we we we had launched New, York successfully with. Years. Of hardwork, we've gotten it off the ground is transported that to DC at work well, in DC, and now he said, well, why are we not in more cities and so we actually we raised serious be with fouled respond and We used to expand off the East Coast Francisco then Chicago and we just got better better at it. So we then ended up raising serious and two thousand eleven from Goldman NTSC, and we primarily use this to grow our sales team and sign up more more doctors in from two thousand eleven till two thousand, thirteen, we launched roughly thirty new cities I read that by by two thousand, fourteen would covered. Like forty percent of markets in the US, which is huge I mean that's right I mean that's a huge number of cities. And in that year evaluation. Of tzakda. Past Billion Dollars I mean that's That's pretty remarkable i. mean you were kind of on this like really rapid trajectory and you a pretty straightforward model right and you were charging doctors a flat fee every year and then. They could take all the bookings they wanted and I think that by that point like by two thousand, fourteen knew it was not cheap. It was expensive viewed really raised the price it was like three thousand dollars a year, right? Something like that. Yes recharged Dr Three thousand dollars a year and and there was a flat fee. No matter. How many bookings Actually facilitated for them and and the reality was for some doctors that got a lot of bookings that was a great deal. Yeah. But but there were also doctors that God a lot fewer bookings and for them that fixed cost was actually too expensive and some of them were starting to leave the service, and so we got into a situation that required us to invest a lot to stay where we are and then invest even more to continually grow our overall provider base, which means we had to build out a massive sales team to always sign up more doctors right and. Some point during this time L. Nick actually ran an analysis showed that it would take several years if ever fries to make our money back on on many of the doctors we signed up because you would have to sign up. X number of hundreds of thousands of doctors paying that amount every year. To make your money back to to make sort of our the cost of the sales team back. Wow and L. it. This was pure that would make us dependent on external capital for our very long time, and now it's a clearly there are many companies that have taken. Grow fast at all costs approach. And They Held onto this forty extended period of time by L., it clearly puts talking to a dependency to. Investors in their mind says, yeah. So. Meantime. You know I I from what I understand. There's disagreements I mean there there are you know the leadership team including Cyrus he he's I. Think he's he's sort of his position as the flat fee model is actually the best way to go is that a fair assessment of of his position? Yeah. I think that's right. I. Mean there were two fundamentally divergent ways held the business could go forward right. One way was to continue to work on optimizing the unit economics of our subscription model and the other way was to think about how to make it more transformative leap and then find a new more profitable. And more sustainable model and. Their. Look I can certainly understand The reluctance and taking this leap if companies rechange their underlying business model once they have a certain scale and then live to tell about it, right. We know the names of the companies that have done this net flicks, but from DVD's to streaming adobe. From box software to the cloud, but there's not a lot of companies that do that. and. Needed to make a choice which which direction I wanted to go. And and I should say over that. Became intensely personal for you because hugh and Cyrus really disagreed on on on the direction of the company should take. Steps down he he left the company and you moved into the role of CEO. Those right and what ask you about this neo. Beauty's in the flies of this show is its simplicity and we talked to one person or sometimes too. It's a single narrative, and so we don't have cyrus with us to tell us what happened but I wanna ask you about this time because. This was your co founder. This was your partner This is your friend and he was leaving the company. How did you feel at that time? I all I can say was a very hard and very emotional period for everyone involved and It was certainly a departure But how was through that given these two divergent choices you you couldn't. note, both of us could be useful to talk and. I have to imagine that for for period. China. was sort of the friendship. Look been we were very close we. Were not only friends we had worked for eight years believe together fourteen hours a day, and we probably talked more to each other than to anyone else in our lives but you know. Still touch from time to time and. I think he's joining us on from sideline. He still at prison million owner of the company Yeah, he's still. Here's the thing I mean we've we've told stories about breakups we've had we've had episodes were there were married couples who split divorced but continued the business e O products. Susan Griffin Black and an her husband Brad They continued the business stacy's pita chips continue the business after the divorce sold it for a quarter billion dollars. You guys were worth value to one point eight billion dollars at this point. was was ever party that just thought you know, God look at what we're doing on the core we're going and. I mean did you in service it down and say you know this thing is just growing and? Let's just figure this out. I think the challenge is that it's not as if there was an article way to decide what the right path forward is. As long as investors wanted to give us money growing all costs was yeah. Fine Strategy. The question was just how dependent you wanted to be on the continued goodwill of investors. It sounds like you were tired of going out raising money. You didn't want to do that anymore. Oh, not at all but I think you want to raise money from a position where you know what your turn to is and and. It wasn't clear that the business model would work in in a way that that we could just flip a switch and be profitable. Yeah. So. That was a tough year for you. Two, thousand fifteen. There was an article in business I think business insider, and it was about the sales team. It's October that year and it was. It was some allegations that you know Pete member sales team using adderall even cocaine they were under immense pressure. They were working all the time when you saw that article. And I'm not saying you even aware of any of this. You may not even aware of it but I. have to think that that article really alarmed you and and maybe even embarrassed you. Look A. There were a number of articles in two thousand fourteen fifteen. Didn't absolutely get everything, right but Budweiser I can say is that At. The time doctor had their sales team and we're. Getting very quickly and Your maybe maybe. Too focused on. L. Hitting targets and. Not. Focus enough on creating a strong culture the I hear these stories from six years ago from from time to time and from from now from candidates and and really every time. This happens like a Gut Punch. Because, this we know we're completely different company now. On on so many levels, but clearly, you saw that in new that you had to change something. While yes, I look I l there's a there's a couple of things about this. Right? We are a technology company, but we had said ourselves up too much about. Instead of writing wins and really too little about being adaptable and darning and and building the trust required to try things that now pet the risk of failure. and. So one of the first things I did is to change core values. You know to emphasize those behaviors each one of our values adaptable, not comfortable and other one is progress before perfection learners before masters right and. We only kept really one DIA CONSTANT DEL patients I. Personally that. That was more of the culture that I thought was right for Doc to succeed on many dimensions. So, you take over the company it's got high valuation, but you're still not making money and you know that you've gotta change the underlying business model you're never gonNA make money. And from what I understand this is the beginning of what you have internally described as the second founding of the company. That is right. That is right and that basically happens in in two thousand, eighteen you you launch this new business model where instead of the the dollar membership fee. Basically, you would charge doctors a lot less like two hundred or three hundred bucks, but then every booking you, you would take a cut from that booking. So like a travel agency. A little bit charge for new patient booking. So the existing patients to practice we made free but yes, there was the fundamental idea and. It sounds like such an obvious thing to do but but here's the problem with it and why why are we thought it was incredibly risky to try this. Our best customers that had been on for a long time. They got lots of pockets right and if we start charging them per bookings, their prices go up very significantly in some cases ten times more and that seemed. Competing, insane to us. In. Particular because when we talked to other companies that were at gone through similar changes and even pricing experts, they're number one advisor was make sure whatever you do never charged your best customers more and frost would be precisely. The opposite. In the thing that was counter-balancing this in our mind was well, maybe we'd be able to bring on a lot more doctors because the barrier to entry is now much lower that was there was the back and forth in the team to figure out whether that's the path we want to want to go. So, this is still a risky strategy because you're depending really on new bookings because the two hundred dollar annual fees dramatically lower and I have to imagine in year one, you actually saw drop in your revenue in the year one of of this curve. Second founding. Right. Well, it's from a risk profile worth at that. Right the warriors that you lose all your best customers in with it, all the bookings day used to be getting. and. So we needed to be ready for a very significant drop in bookings and revenue and the second Challenge was here that. The beauty of this approach modest and we got all this money upfront right and Sharon. Now to bond, we're getting paid after the booking with with a thirty day payment periods, we had a huge working capital requirement to make that happen. So did you see a drop and revenue in two thousand eighteen when you rolled this out? No we didn't because we actually didn't see the doctors leave the way that we hit on -ticipant did in fact, you know while we had very much worried that they would be upset and some of them certainly were upset. We were providing so much value to them that. You know what? What took you. So long I knew as getting a great deal all along. So that worked really well, and we had piloted in Georgia initially in April. Two thousand eighteen and then that had worked. So we we then all allowed in Colorado a few weeks later that work to, and from there we went to Washington state and again, very positive results and after these three days. Okay Great. We know this works does it out in our largest most important market? Let's go to New York and that and terribly horribly wrong. They the doctors in New York. Not only were so pissed off they actually I read. mounted a change dot org. Petition I. Don't know what to to to end this practice or something. They were really mad. They were really really mad and I guess you guys responded you said, are we won't we won't roll this out in New York for a while. Yeah look in New York. We. Facilitate Roughly, one in five new patient doctor relationship in the entire city on dock and so. The economic impact for the providers in. was much greater than for the providers in Georgia Colorado Washington. So yes, to give you one example, there's a dermatologist and so and he paid under the ultimate model ten doctor say paid thirty thousand dollars and under the new pricing model, his cost was going to go up from thirty thousand dollars to roughly three hundred, forty, thousand dollars. Wow. So what was your response to that? I? Mean it seems like a pretty reasonable. Concern. Yeah. So look after the conversation with the Dermatologists I. Actually. Put down the phone and I thought you know what? He's right. And so I pause and we regrouped and. We did a couple. Of things during this time, like the first one is we just went on a listening tour. You know we talked to provide their feedback and we just adjusted our this plan to give providers a much longer grace period to decide whether the wants to addition to the new model or not, and then. So then we read on New York six months later and and when dramatically better. So the strategy works and you see results from the strategy pretty quickly like within a year. Within a year, we had we finally at some incredible momentum was really going better than we had expected in our wildest dreams. Our existing client went down to essentially zero. I mean people still retire and and move jobs by no one really left the service and we were adding more and more providers because the barrier to entry was low and So in two thousand, nineteen we began growing profitably. It sounds like two thousand and nineteen was really the banner year. Two thousand nine hundred was a was a fantastic year and honestly we had so much momentum coming into twenty twenty and feel like, Hey, we worked really hard for three years and profitable and now the sky was the limit until. Tells Sam until March of two thousand twenty. Two Marjo twenty twenty and that's. That's really maybe the third founding DOC right? Well, I want to ask you about March twenty twenty because. Your Business is based on people booking with doctors and going to the doctor I have to imagine your revenues must have plummeted like every other industry like I mean doctors offices are still in most of the country. Slow or are trickle of patients coming in. With the lockdown started happening we saw impersonal bookings declining anywhere between fifty to ninety percent by the end of March I'm not surprised and lot of that buys I was getting was to. Lay off people and make sure that we hunker down to weather the storm but I saw an opportunity to build windmills, right so I thought well, we need to be there for our patients. We should be expanding into telehealth and I need every team member to help me do that and so we. Really went all important and supporting video visits and I'll probably June eighteen began redesigning the tire marketplace support virtual care, and so we actually released. Doctor Video Service and we made this available to. Any. Physician whether they are on soccer. for free. And by the way head, you plan to do this. How long would would I mean I'm imagining if you said in in February district I really want to focus on telehealth Would you have expected that by May would have been ready to go. Absolutely. Not I think what has been really fantastic to see is how? We really finished two years of roadmap in two months. Wow, and it's great because it's just gives us a window on what the next phase of doctor will be and really looking forward to that in my mind were the point were Amazon started from going. Books to also adding CDs. We have just gone from doing only in person to also A. Doing telehealth and I can't wait to see how this unfolds. It sounds like you. Might be reading between the lines but. You. Really, admire and respect your co-founders particularly. Cyrus and the work that he did to to build this company but I wonder if do you think that you will a I dunno, rekindle your friendship i. Is it something that is in the cards because a break is? Is Emotionally, it's hard Mesa really hard. Yeah, look I Do I think we'll work fourteen hours together again maybe not but you know I I've gotten through tougher breakups and reconciled in my past, and so I think we are we're in good shape and honestly know we are meeting were talking from time to time Yeah. We both have things to do and places to be so we're. Not, hanging out all the time. But it's now also five years ago So We are we're merch focused on making our join the baby successful. When you think about your journey and All Its happen to you how much do you think this has to do with? with luck and how much do you think it has to do with with the hard work you put in your your skills. Well I'm going look I I believe that there's really three ingredients to success. In order importance there are lock the talent, then hard work and. The only one. That's comedian. You control his how hard you work right and Now working hard to gives you more shots on goal It helps his day on the top of what you your talent allows and absolutely restarted at the right time the right place. So What what I'm proud of an all that journey has only that yet when we were wrong and when be had to revise and. When we needed the grit to actually make it work. I L we lived up to that and and that's really The all that anyone can ask themselves to. Oliver Karaz co-founder of Zach Braff by the way, remember how they originally wanted to call it physicians dot com or doctors dot. com. COULDN'T AFFORD THE MILLION DOLLAR PRICE TAG to buy the domain name. DOC DOT COM wasn't only available the price they paid for that domain name. Six Bucks. and. Thanks so much for listening to this show this week, you can subscribe wherever you get your podcasts. You could also write to us at H. I. T. at NPR DOT Org. If you want to send a tweet, it's at how I felt this or at Cairo's can also follow me on instagram that's at Guy Dot Roz. Our show was produced this week by Jet Anderson with music composed by Tina. Bluey. Thanks also to Julia Carney Candice Limb Neva grant and Jeff Rodgers I'm guy. Roz even listening to how I built this. This is NPR. Black voters play a crucial role for any Democrat who seeks to win the White House but some big devise amongst that block and some serious influence

Cyrus Masumi Mckinsey New York L. Nick Germany Starbucks Oliver Karaz Partner Office Manager United States Dot Com Doctors Dot Com Co-Founder Amazon Zach Dock Manhattan Middle East Sarah SAM Co Founder Iran
Capital Allocation with Blair Silverberg and Chris Olivares

Software Engineering Daily

54:31 min | 2 years ago

Capital Allocation with Blair Silverberg and Chris Olivares

"Blair and Chris Welcome to the show. Thank, you good to be here. We're talking about capital allocation today and I'd like you to start off by describing the problems that you see with modern capital allocation for technology companies. I'm happy happy to start there. So I think it might be helpful to give. The listeners, a little bit of our backgrounds so I was a venture capitalist at draper. Fisher Jurvetson for five years I worked very closely with Steve. Jurvetson and we were financing are very MD intensive. Technology projects that became businesses things like satellite companies companies that were making chips to challenge the GP you new applications of machine learning algorithm so on and so forth and I think the most important thing to recognize is that the vast majority of technology funding does not actually go to those kinds of companies. The venture space is a two hundred fifty billion dollars per year investment space. The vast majority of the capital goes to parts of businesses that are pretty predictable like raising money in in investing that in sales, marketing and inventory or building technologies that have a fairly low technical risk profile, so the vast majority of tech companies find themselves raising money. From a industry that was designed to finance crazy high technology risk projects at a time where that industry because technology so pervasive you know really do the great work of of many entrepreneurs over the past twenty to thirty years, technology is now mainstream, but the financing structure to finance businesses not has not really changed much in that period of time. Yeah, and then I guess I'll talk a little bit. My my background is I came from consumer education sort of background, so direct to consumer, thinking about how you use tools and make tools that ingrained into the lives of teachers, parents students I was down in the junior class dojo before starting capital with Blair. We were working on the Earth thesis He. He was telling me a lot about this. The the date out. There exists to make more data driven in data rich decisions. How do we go software to make that easy to access in self service and sort of servicing the signal from the noise, and we kicked around the idea and I thought that they were just a tremendous opportunity to bring. What Silicon Valley really pioneered which is I think making software that is easy to use in agreeing to your live into kind of old industry fund raising capital Haitian. The kinds of capital allocation that exist there's. And debt, financing and different flavors of these. Of these things say more about the different classes of fundraising in how they are typically appropriated two different kinds of businesses. So. You have the main the main groups you know. Absolutely correct, so there's. Equity means you sell part of your business forever to a group of people and as Business Rosen succeeds. They'll get a share in that. Success and ultimately income forever. Debt means you temporarily borrow money from somebody you pay them money, and then at some point in time that money's paid back and you all future income for your business, so equities permanent, not permanent. If you think about how companies are finance like. Let's take the P five hundred. About thirty percents of the capital that S&P five hundred companies use to run. Businesses comes from debt. In the venture world that's remarkably just two percent. And the thing that's crazy is this is two percent with early stage seed companies, also two percent with public venture, backed companies in places like the best cloud index, which is like a one trillion dollar index of publicly traded technology companies started their life, and in with injure backing many of them SAS companies, these companies, also just two percent finance with debt, but nonetheless within these these classes, the reason it's obviously economically much better for a business and pretty much every case to finance itself with debt because it's not. Not It's not permanent, and it can be paid back. It's much much cheaper to use debt. That's why you buy a house with a mortgage show. You know you don't sell twenty percent of your future income forever to your bank help you buy a house, but the reason that people use equity comes back to the risk profile so just like. If you lose your job and you can't pay off your mortgage. The bank owns your home. Same exact thing happens with debt in so restorick Louis, if there's very low. Certainty around the outcome in typically early stage investment you're you're doing a lot of brand new are indeed you have no idea if it's GonNa work you cope. You know over time that you'll be successful, but there's really quite a bit of uncertainty equities a great tool because you're. You'RE NOT GONNA lose a business, you know everybody can basically react to a failed. Are Indeed project. Decide what to do next had saints. Equity is kind of the continent tool for high technical risk, high uncertainty investments, and then debt is basically the tool for everything else, and it can be used as most companies do for. Ninety percent of The places that businesses are investing so if you're spending money on sales and marketing, and you know what you're doing and you've been running campaigns before. That were successful, very. Little reason you should use equity for that if you're buying inventory if you are a big business that's. Reach a level of success that on. Means you have a bunch of diversified cashless. Coming in businesses might take out dead on business kind of overall, so it's less important what specifically you're using the money for, but it's important to recognize that most companies are financed roughly fifty fifty equity versus dead, just just intra back companies that. That are kind of uniquely Equity Finance. Scaling a sequel cluster has historically been a difficult task cockroach. DB Makes Scaling your relational database much easier. COCKROACH! DVD's a distributed sequel database that makes it simple to build resilient scalable applications quickly. COCKROACH DB is post grass compatible giving the same familiar sequel interface that database developers have used for years. 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It's often originating in a large source, a sovereign wealth fund or family office in it's being routed through something like capital allocators cater like a venture capital firm for example or a bank. How does this capital get allocated to these smaller sources? What is the supply chain of capital in the traditional sense? You know it's kind of funny to think about capital and things like the stock market in the form of a supply supply chain, but this is exactly how we think about it so at the end of the day. Capital originate. In somebody savings, basically society savings right you. You have a retirement account or your population like you know in in Singapore and Norway with a lot of capital, it sort of accumulated from. From the population and these sovereign wealth funds, or you're an endowment that's you know managing donations of accumulated over many many years, and ultimately you're trying to invest capital to earn a return and pay for something pay for your retirement pay for the university's operation so on so forth so that's Capitol starts, and it basically flows through the economy in theory. To all of the economic projects that are most profitable, inefficient for society, and so, if you step back, and you think about like how how is it that the American dream or the Chinese Miracle Happen? You know in in both of those cases different points of the last hundred years. Why is it that society basically stagnated? You know the world was a pretty scary. Scary place to live in up until about seventeen fifty, the industrial revolution started. Why is it that you know basically for all of human history? People fought each other for food and died at the age of thirty or forty, and over the last two hundred fifty years that it's totally changed. It's because we have an economic system that converts capital from its original owners. Diverts it to the most productive projects. which if they're successful, replace some old more expensive way of doing something with newer better way and so I think when when I described that like you know I, think most people can step back and say yeah, okay I. kind of see how capital flows through the system, it goes automatically to someone making an investment decision like a venture capital firm ultimately gets into the hands of the company company decides to invest in creating some great product that people love. Let's. Let's say like Amazon and then everybody switches from you know buying goods at some store that may or may not be out of you know may or may not being stock to the world's best selection of anything you'd never wanted. The most efficient price that's society gets wealthier basically through these these kind of steps in these transformations, but it's asking if you step back and think about it like nobody actually thinks it's processes as efficient as it could be like. We asked people all the time. People were interviewing journalists companies. We work with sewn. So how efficient do you think world's capital allocation is? I've never met a person that says it's pretty good. You know we're like ninety percent of the way there. In fact, most people think it's pretty inefficient. They think of companies like you know we work, and some of the more famous cases lately of of Silicon. Valley back businesses that that totally. underwhelmed disappointed. Their initial expectations and I think most people admit that the efficiency of capital allocation is either broken or nowhere close to achieving its potential, and so we basically we'll talk more about our technology and how we do we do. We basically think of this problem our problem to solve. There's an incredible amount of Apache inefficiency in how data that goes from a project or a company, ultimately funneling up to an investor flows, and so you know it's hard to place blame because there's so many people in the supply chain, but. But I think it super clear that if it's difficult to measure whether or not a project or a business is good at converting capital into value in wealth, and you know products that people want, it's nearly impossible for society to become really good and efficient at allocating its capital, so we're we're here basically to make the data gathering data transformation visualization communication of what's actually going on under the out of business as efficient as possible and you know from that, we thank some great things are going to happen to the economy. Goes a little bit deeper on the role that a bank typically plays in capital allocation. If you think about our bank works like let's take. Let's take a consumer bank that most people think about you gotTA checking account. Right, now you've got some money in that checking account. That account actually takes your money or dot and most people know this your dollars sitting in that account. You know just waiting around. You'd withdraw them. Your dollars are actually rolling up into the bank's treasury. There's somebody at the bank working with the regulators to say hey, how much of this money can we actually put into things like mortgages, commercial loans, all of the the uses of capital that society. Has In some some effort to. To, move the world forward and make the economy efficient, and so those deposits basically roll up into a big investment fund, and there's ratios that regulators set globally that say those dollars needed to be kept in reserve, versus how many are actually able to be invested, but with the portion that's able to be invested. It's there to fun. You know building a house to fund a business back -Tory to fund sales and marketing or inventory procurement for some other business, and so a bank was was basically the original investment fund, and a bank has unlike venture funds and other sources of. We typically think private capital. The bank has tricky. Problem were any moment all of the depositors holding the checking accounts could show up and say hey. I want my money back and so that's why banks have to deal with reserving capital predicting the amount of withdraw and classically everybody wants her money at once at the worst possible time, and so banks have to deal with quite a bit of volatility now if you take an investment fund on the other hand. Totally totally different structure, so your typical venture fund will have money available to it for a period of ten years from you know typically these larger pools of capital. We talked we talked about so very rarely. Individuals are investing retirement savings in venture funds, typically sovereign wealth funds down that's. Basically pools of that individuals capable. Win One of these funds makes a commitment to a venture fund. It'll say you've got the capital for ten years. You've gotta pay back. You know as investments exit, but other than that will check in ten years from now. We hope that we have more than we gave you the star with and there there's no liquidity problem because the fun has effectively carte blanche to keep the money invested until some set of businesses grow and succeed and go public and make distributions so one thing that's fascinating. The Tappan in the last twenty five years is private capital capital in the format of these kinds of funds. Have just grown tremendously and so today. There's a little over five trillion dollars. Of private capital being allocated in this way to think like buyout funds venture funds so on and so forth. Funds don't have the liquidity problems of banks. They can make much longer term for looking investments. This is created tremendous potential to make the economy more more efficient by taking out the time spectrum. You know this is why venture investors can do things like finance spacex or Tesla. Really. Build fundamental technologies in the way that a bank never could so this is an amazing thing it. However leads to a very long. You DAK cycle, so the incentive goes down when you take out the time line over which investment needs to pay back. To carefully monitor and understand what's going on in the business day today, so it's pretty interesting thing about the different pools of capital. There's not not to. Make it sound too confusing, but I think everybody will admit that the financial markets are incredibly diverse complicated we track basically about fifteen different kinds of capital, and they're sort of pros and cons with each one, but you know a bank is one. A private fund is wanted insurance companies balancing as another. You've got things like ETF and public vehicles that hold capital so there's quite a bit of complexity and the the structure of the financial markets. All right well. That's maybe the supply side of Capitol on. All kinds of middlemen and all kinds of different arrangements, but ultimately there is also the demand side of Capitol, at least from the point of view of companies getting started which is. Startups or computer in later stage with the maybe they're not exactly considered startup anymore, but they're mature. These companies have models for how they are predicting. They're going to grow, but oftentimes these companies are very. Lumpy in terms of how their their revenues come in how closely their predictions can track reality. So how do technology companies even model their finances? Is there a way to model their finances? That actually has some meaningful trajectory. Sure so first. Companies you know need need a base think of all the places that they're spending our money and. We're pretty. We Do I. Think a pretty good job of organizing this and making it simple so when we look at companies and we can, we can talk more about how the the cabinet machine operates, but when we look at companies, we basically think they're only a handful of places of money. Get spent you spend money on. Short term projects that you hope proficient things, sales and marketing. Houston money on paying for your sources of financing like paying interest on debt, making distributions to your investors, and then you spend money on everything else and everything else can be designing software building products on, and so forth, and so if you break the demand for capital down into just those three buckets. And look at them that way. Some pretty interesting things happen. The first is for the short term investments that you hope productive. You can track pretty granular nearly whether or not they are, and we'll come back to that. For paying back your investors, you sort of know exactly how much you're paying your investors so a pretty easy thing to track, and then for the operating costs you know most people will help us. Apax, that you're paying to keep the lights on things like Renton the your accountants, the CEO salaries on and so forth these are these are table stakes expenditures. You need to stay in business and so. Amongst each of those three things, there's different things that you wanna do to optimize and I'm happy to go into more detail sort of go through each one. If you think that'd be useful. Yeah Bliss a little bit more about about how these companies should be a modeling, their revenues are that is meaningful to model their revenue so that you can potentially think of them as targets for for capital allocation so. If we think about. Understanding what company might be a viable recipient of capital? How can you accurately predict the trajectory of that company, or or do they? Would they present a model? Would they develop a model good through a little more detail? How a company would serve justify? It's need for capital. So typically what what most companies do and this is not terribly useful or accurate, but I'll tell you what most people do I mean by the way like how central the entire economy predicts, predicts demand for capital works like this. Companies take. Their income statement on their. Balance Sheet historically. And they they basically have this excel file got a bunch of you know, rose and have different things like my revenue, my you revenue that sort of linked or my expenses that are linked revenue Mukasey could sold so on and so forth, and they grow each of those rose by some number that they hope to hit so if you want your revenue to double next year, you'll say my revenue one hundred dollars today I wanted to be two hundred. Hundred dollars twelve months from now I'm just GONNA draw a line between those two points and every month. There will be some number that's on that line, and that's why monthly revenue I want my expenses. You know everyone knows. Expenses are going to have to go up if my revenue goes up but I don't want them to go up as much as my revenue, so I'm going to draw a line. That's you know somewhere less than a doubling. and. You pull these lines together on one big excel file and there's your you know they're your corporate projections. In general, this is true for big companies small companies, but that's not actually how. Company revenue works because if you go back to the three categories, we talked about before, and you just focus on the one that talks about the short term investments. The. Way Company Revenue Actually Works is a company this month. Let's say they spend one hundred dollars on sales marketing. Well. They're hoping to get a return on that sales marketing, and so they're hoping that in the next you know six months. That's paid back. Twelve months that's paid back. You can actually track every time they spend money on sales and marketing. how quickly it gets paid back so it's that level of precision that can accurately predict revenue, and so what we do is we basically just get a list of every time? Money was spent on one of these short-term investments, so you sales and marketing for for an example, and then we get a list of all of the revenue that was ever earned. And we attribute between both of those lists causing effect. And we do that using a bunch of techniques that are pretty commonplace in your typical data, company or machine learning company. We use some math things like factor graphs. We use simple kind of correlations. We have You know a whole kind of financial framework to. Guess. What attribution should be because you learn a lot as you see different businesses and you see a bunch of different different patterns, which you can basically cluster on, but it is this linkage between spending on something like sales and marketing emceeing seeing revenue, go up or down, but makes or breaks a business, and you want to look at it and I is. Not a bundled. Entirety which is how financial projections are typically built? Okay, well! Let's talk a little bit more about what you actually do so if you're talking about early stage technology companies. Describe how you are modeling, those companies and how you are making decisions as to whether they should receive capital. When a company comes to capital they they come to our website. They sign up for this system that we built which which we've called the capital machine. And the first thing that they do is they connect their accounting system their payment processor typically, so think like a strike, and then sometimes they'll provide other things like a pitch deck or a data room, or whatever other information they have prepared. The system pulls down. All of the date in the accounting system and the the payment processor, and we look at other systems to these are the two key ones that all all dive into detail, and so, what ends up happening is from the accounting system. We get a list of all the times. Businesses spend money on these things like sales and marketing that we were talking about before. From the payment processor we get a list of all the revenue transactions in crucially we get it at. The level of each. Each customer payment, and so you know we scrub I all we really care about is having a customer ID, but once we have data at that level. We can start to do this linkage and say all right look. You know this business spent. A million dollars on sales and marketing and March of two thousand eighteen in April of twenty eighteen, and we saw revenue grow by twenty percent. That was a pretty substantial chain. You know what actually happened here. You can typically identify the subcategories of sales and marketing and start to do this link between these two, and this is really the you know the magic behind our our data science in our team pairing with our engineering team to figure out this problem and solve away that is, that's robust. Bud once we have these two data feeds, and the system goes through, and does all of these attribution. Populations were able to present that back to accompany a pretty clear picture of what's going on, and so we'll say things like hey. Your Business is pretty seasonal, and in the summer is when you're typically more more efficient at converting your sales and marketing dollars into growth so I, you want to finance growth in the summer. The second thing is only about eighty percent of your businesses financeable. There's twenty percent where you might not know it because you're not looking at this level of detail, you're busy building your business, which is exactly exactly what you should be doing, but Twenty percent of your businesses, not efficient. You're spending money on on your sales and marketing categories, product lines, and CETERA that just shouldn't exist and so if you get rid of those. If you double down on the part of Your Business, it is efficient. Then we predict your revenue will be act fifty percent higher, and we'll tell you exactly how much money you need to invest to raise money to to raise the revenue by fifty percent. We give you a bunch of charts that allow you to see how history and projections merged together and dig down. Inspect how we do that linkage to make sure you agree, but. This is what the capital machine does at its core. It Converts Company data into a fully audited completely transparent picture of. How business works where it sufficient where it's not efficient. And then that's where our technology stops, and where balanced she comes in, and so we then take this information, and we make balancing investments directly in companies, and so primarily at this point we lend money to technology companies that we see from their data are eligible for non dilutive funding. We make capital available to them directly. We basically allow them to access it through the capital machine. We use one system to communicate changes to the business. No keep both sides and form so on and so forth, but this is the kind of analytics layer that's essential to making these capital allocation decisions more efficient, and so I think you could imagine a day at least for us in the not too distant future when it's not just US using our balance sheet in this tool to make investments, but in fact, just like excel, every investor can benefit from a similar level of analytics and transparency, as can companies by getting more accurately priced faster access to capital less friction so on and so forth. Get Lab commit, is! Get labs inaugural community event. Get Lab is changing how people think about tools and engineering best practices and get lab commit in Brooklyn is a place for people to learn about the newest practices in devops, and how tools and processes come together to improve the software development life cycle. Get Lab commit is the official conference. Forget lab. It's coming to Brooklyn new. York September Seventeenth Twenty nineteen. If you can make it to Brooklyn, on September Seventeenth Mark Your calendar, forget lab, commit and go to software engineering daily dot, com slash commit. You can sign up with code commit s E. D.. That's COM MIT S. E. D.. And Save thirty percent on. Conference passes. If you're working in devops, and you can make it to New York. It's a great opportunity to take a day away from the office. Your company will probably pay for it, and you get thirty percent off if you sign up with code, commit S, e. There a great speakers from Delta. Airlines Goldman. Sachs northwestern, mutual, T, mobile and more. Check it out at software engineering daily Dot Com slash, commit and use code. Commit S. E. D.. Thank you to get lab for being sponsor. The inputs specifically if you think about a model for determining whether or not, a company should should be eligible to receive capital. I'd like to know how the the models are built. The the data science models that you're building are constructed from the point of view of the inputs. So how are you determining or how do you like company comes to you? How do you turn that company into some structured form of data that you could put into your models and determine whether it's worthy of capital. Yeah I mean it comes down to what what the data is your down so when we talk to a system like striper transaction records system, you know that that's the revenue of the company now where things get interesting when we connect to balance sheets in penalizing, it's of accompanying really onto understanding. Weighing. What exactly these numbers mean, and that sort of where we made our pipelines were built from the ground up to give us that granular. Of A company's cash family revolutions. Where's the money going where they allocating? And it's savable greenway or you once. What do you understand that data through that Lens? That let's build pretty sophisticated financial models Linda. And you know as soon as you have the picture of Company You can really do a lot of flexible analysis on the back leg distributed computation. Come stuff that you would never be able to excel and quite frankly a lot of these companies don't have the stacking internally or really the tools to understand for themselves, so you'd be surprised it you know when we surface this analysis back to the company by virtue of just being transparent on how we're making decision how it is perceived their business, the signals that were uncovering. These operators the CEO's the CFO's that are really focused on building company. Really surprising. They're really making these insights really transforming. How they think they should have capital. Should invest growing business. Are there any? Sources of Third Party data that you can gather to improve decision making. There are at a macro economic sense, and so it's actually quite useful to look at public company performance and say hey. SAS businesses in general. Most people notice, but facilities in general are seasonal in the fourth quarter. Budgets basically expire and people come in, and they buy a bunch of SAS. Software and so to take concepts like that basically shapes of curves, signals and apply them to private company. Financials is useful. Crucially though there is no private company. Data repository of any kind like it just doesn't exist, and you know notoriously even even with small businesses. It's actually quite quite difficult to get access to any sort of meaningful credit data, and so, what ends up happening is these aw. These businesses. Give you a picture of their business directly as an investor and you have to interpret it directly, and that's basically how this works totally unlike consumer credit, there's no credit bureau that people paying so most investors are analyzing the state and excel. Excel notoriously breaks when there's about a million cells worth of data, and so we've got this great visualization showing our data pipeline, and it's basically a bunch of boxes, and there's a little tiny. Tiny box in the bottom of corner that's excel, and there's a bunch of other boxes across the entire rest of the page that are nodes in our in our distributed computations, but accelerate very very limited, and so it makes it impossible to actually understand what's going on in business from the source data, and it's at the source that you see this variability in this linkage between profitable capital allocation decisions in unprofitable capital allocation decisions. Describing more detail, the workflow so a company comes to you and they're going to put their inputs into the. Would you call the capital machine? What does that workflow look like in a little bit more depth? Yes when they come to the website, they creighton count much like you would on. Twitter facebook account. When your details your email, you terrify your email, and then you on what's recalling like the capital portable on there? You have et CETERA. Tools to connect your sins record and these are typical offload. So you know people are very familiar with you. You know you say hey, let's connect by quickbooks you in your credentials and sort of be as secure way, and you click okay and the system checkmark by your quickbooks in the system start pulling that data out of regular cadence and. Depending on what system you're connecting you of the characteristics of that's not go systems of record, and how much data you have you know. The data's available anywhere from ten minutes to a couple of hours later and you know once we have Dr. System, we run that through our partake analysis pipeline in the users as a company. You get you get charged. In Tableau kind of call it, the insight Saban's these refused that we think would be helpful for you as an operator company understanding about Your Business in separately. We also get views of that data that are useful to our our internal investment team. Whoever is looking to capitalization systems? Are there certain business categories that are a better fit for modeling in better fit for the kind of. Predictable capital returns that you can, you can expect with the investments that you're making so like you ride sharing or Gig economy businesses or some businesses. What are the categories that are the best fit? Say Very few categories don't shit from the from the perspective of of linkages, but they're certainly models at their easier to think through and easier to understand, but our our system can underwrite today A. Lease on a commercial aircraft, a fleet of ships and Insurance Agency ask company the most important. Thing about our system is that the financial theory that underlies it is very general, just like p. e. rate is very general, and so that's kind of sounds crazy like. A lot of. A. Lot of people say what what businesses the best fit for your your system and you know it's kind of like asking what businesses the best for Warren Buffett like Warren. Buffett is a generalist. In any business, and he has a framework in his own head to figure out how to make ship comparable to American Express our assistant has a very similar framework. It just operates at the level of transactions instead of at the level of financial statements, but certainly within. That framework there's some examples that are just easier describes I think like you know thinking through the fishing of sales and marketing something. That's a lot more obvious than thinking through like the stability in refurbishment of commercial aircraft parts, which is a key question you know. Pricing pricing refurbished parts, which is a key question if your financing commercial aircraft and Our team, the ambassadors that use the capital machine internally which we primarily do internally do a little bit of partnering with without the groups to to use this as well. These people are all specialists in some particular area, but it's crucial to understand. They're looking at the exact same chance as all the other specialists and all the other areas, so it's like literally the the Fast Company and a commercial aircraft will have the same series of charts at investors. Are there two two draw their conclusion? Is the question for Chris. Can you describe the stack of technologies that you built in more detail? Yeah Yeah. Of course on the front, we are react type script, xjs, you know everything is on aws, and in the back, and we're. We're all python, and in really the reason for that is if you're doing any serious machine, learning or data science today can't really get away in python stack, so we're all python them back in. We have flasks. As a as our API late here and That's the that's a high level. And get a little bit more detail about how the data science layer works. Yeah, yeah, yeah, of course, so we put on the dea into basically a data lake the that goes down into Ardito pipeline in that's all air orchestrated on top of each called airflow, and we use a technology called desk for are distributed computation, and I think that this is a good choice. Choice for us at this moment you know I see us doing a lot of work on. You know using a spark in other distributed technologies in the future and his team and it turns out that when we pull this data down organizing the data was really important to us as we build a lot of attractions to make accessing that data, really easy for quantitative analysts. Important central to our whole technology is that we're able to do a lot of different financials experiment very quickly on top of this so the the implications of that really cascade down all the way into. You know what technologies where choosing how we structure our delayed. Even even how strokes are teams, so it really is brought up locations across all product. How is it when you're analyzing company that you have enough data that it warrants a spark cluster because I can imagine? The financial data around the company. How can there really be that much data to analyze how you do surprised in a lot of these transactions systems taking up the companies have been around a couple of years and their direct to consumer. These data sets can be can be pretty large. You know we're talking about in the millions and millions and millions of transactions that were pulling down and storing. Storing and that just on a per company basis. You know that's not even talking about if we wanted to. Benchmarks Cross companies, and also if we want to do scenario analysis, so you know one of the things we was part of a pipeline is take this data, and through like nine ninety nine hundred thousand simulations to understand the sensitivity of different variables on the performance of Your Business and If, you're starting out with starting that already large. Sort of a multiplying effect. On how much data the system is the old process? is you go through those different stages? And, can you tell me a little more detail? What would a typical spark job? Look like for a company that you're assessing. Yes, so first episode is ribbon. Our our financial didn't ingestion parts, so we download something on the order of you know forty fifty bytes of Tim's action data for for a company. We have to do all the work to interpret and understand what that means in reorganized that data in a way that are downstream analysis and primitives can. Make sense of and use for useful analysis so really the first step at this point job is is transformed the datum some it's useful, and then there's all the work on what are the clusters in order to machines and analysis in the computational. Resources needed to run simulations. You know not not just say local computer locally owned of fall over the only about thirty to sixty four gigabytes of Ram what league, so that's where workflow comes in creating easier faces into data, clusters and being. Should you know when you run a job? You know when it fails. You know it's done. You know when the team can't okay. This part of analysis done I had intermediate date asset to do more analysis on now get back to work is a lot of the time we spend developing internal tools to make. One other thing that'll mentioned that I think's important is. A lot of the underlying technology in our data pipeline it's no different than like what a tableau or you need. Traditional BI business would have access to, but what's fascinating when you have a vertically specific domain so financial data in our case you can make a lot of interpretations about the date of the let you do much more intelligent things, and so for example we. Don't have to make your own charts as a user of the capital machine. We make all the charts for you can of course. As a business we work with. Give us ideas for charts. You can mock up your own. We we basically have an interface for for business. The I team's to to write some code if they if they want to bought when you have clients who are thinking about financial risk, financial attribution across all of the companies that we see distilling that down into a series of indicators that are detailed, but generalize -able, and then publishing that back to all of the companies that use the capital machine to run their own capital, allocation, decisions and access, external fundraising and capital. Some pretty amazing things happen in so it's only with a vertical view. You actually having these we, we call our data scientists Kwan's, but but actually having these people who you know typically are graduate level economists, thinking for the first time about using transaction level data in their analysis, which is notoriously not not available to to normal economists that you get the kinds of insights and analysis the actionable for businesses, and then in terms of the data pipeline that then means we actually store a bunch of intermediate data that's opinionated in that way, and that makes it much faster to access much easier to benchmark much more useful across a network of companies, versus just that isolated excel model that. Explains only one business. One thing I'd like to ask you about. Capital intensity so there are kinds of businesses that are capital intensive for example where you have to pay upfront for a lot of ridesharing rides, and you know as Uber or lift. His has known in much detail. You allocate all this capital two things to subsidize rise because you try to win a market, there's all kinds of other capital intensive businesses. How does capital intensity change? What makes sense with regard to the equity financing the debt financing that you are shepherding for these companies? That is a great question and be because of where you focus in your audience. You totally get the most financiers don't so. The first point exactly like you said. Capital intensity means a business consumes a lot of capital. It doesn't mean a business has a physical factory or plant or railcars, so it is absolutely true exactly like you said that there are a lot of tech businesses that are incredibly capital intensive. If you are capital intensive business that means UNI especially if you're growing, you need to raise a lot of external capital, and so it is even more important that your capital or a big portion of your capital base is not dilutive. That's that's just essential. Table stakes because what you see with these businesses, the ride sharing companies are great. Example is by the time one of these things actually goes public the early owners in the business on a very very very miniscule. KEESA that business, still if you contrast that to company like Viva Systems which I think is one of the most capital capitol efficient businesses in venture history, I think that this race something like twelve or fifteen million dollars total before it went public in a at a multi billion dollar market cap. So capital intensity. Is a synonym for dilution your own way less. Than you think when you exit entities even more important that you figure out a way to raise capital non ludicrously upfront. Some broader questions zooming out in in getting your perspective. Do a thesis for what is going on in the economy right now where you look at. The fact that We have. Obvious pressures to. Reducing the size of the economy through the lack of tourism, the lack of social gatherings while the stock market climbs higher and higher, and it appears that the technology side of things is almost unaffected by Corona virus is there. Is there a thesis that you've arrived at or or their set of theses that through conversations with other people, you've found most compelling. Sure the most important thing to realize about the stock market is that it discounts all cash flows from all businesses in the stock market to infinity, and so the value, the stock market about eighty percent of the value. The stock market is. Pretty far into the future like more than three years from now, and so if you believe that the current economic crisis and this is why there's always a. At least in the Western, world, last two hundred fifty years after an economic crisis. If you believe the crisis will eventually revert, and there will be a recovery, then it only makes sense discount stock market assets by anywhere between ten and twenty five percent. If you believe businesses fundamentally going to go out of business because of this crisis, that's a different story, but that explains why something as terrible as Kobe nineteen and a pandemic. Only discount the stock market by by roughly thirty thirty five percent in a in March, but that's not what's actually going on today as you mentioned and so stock market prices now have completely recovered. That is something that we think is a little bit of out of sync with reality but I. I mention you know we're not. We don't spend too much time about the stock market beyond that we just look at you. Know Private Company fundamentals. We try to understand what's actually going on in individual businesses across all businesses that are network to see what you know what we can understand, and you know what kind of conclusions we can draw, and so if you take that Lens and you actually look at what's happening to businesses due to Cova nineteen, it's fascinating. Some businesses like think the food delivery space have gotten a lot more efficient, so those businesses lot like ridesharing businesses back twelve months ago, there was sort of a bloodbath between bunch of companies competing in local markets to acquire customers all all fighting Google and facebook console, and so forth you subsidies drivers, etc.. That's essentially stopped. These businesses incredibly profitable, the cost acquire customers has fallen by more than half a lot of cases. The channels were slot less competitive, and so if you're running one of those businesses. Now is a great time to be aggressively expanding. Weird things like commercial construction businesses. They're actually a handful businesses that we've seen do things like install windows and doors and commercial buildings whose businesses have accelerated because all of these buildings are closed down. Construction project timelines have gotten pulled up. All of these orders are coming. Do in they're you know sort of rapidly doing it solutions? There's obviously a bunch of other businesses have been that have been hurt by by the pandemic, but our general thesis are we've studied. Pretty detailed way the Spanish flu in nineteen eighteen, you know. These things eventually go away. There will be a vaccine. Economy will get back to normal, and as long as we can stay focused on working through this as as a society and of maintain our our fabric of of kind of economic progress then. DESAGUADERO values today will eventually make sense just sort of a question of of win for the stock market, and then if you're if you're actually running business in thinking about your own performance in isolation, really being clear about is now the time to invest and grow my business now the time to be very careful with my expenses interest, get through this for the next year or however long it takes for there to be a vaccine. So the way to think about your company, if I understand correctly if I was to to put in a nutshell, is that. I think of you as a data science middleman between large capital allocators, and and start ups deserving of capital, so the the sovereign wealth funds the banks the I guess. Funds of funds. These kinds of sources are essentially looking to you for guidance on where to direct the capital, and you're on the on the other side, absorbing data and creating opportunities from these startups to source the good directions of that capital. Just wrap up. Would you put any more color around that description or or refining anyway. Yeah I mean I. think that at the core of what capital is is where the. Core Technology Ambler of sort of. The private market if you think about public markets today, you've clearing-houses like the New York Stock Exchange, and you have companies that provide analysis on top of that like Bloomberg, you know we see a tremendous opportunity to shift the paradigm where you know the place where all the financial transactions happen. is also the place that collects the data improvise information for those making these decisions and yeah, so I think capitals really at the center of making a transparent technologically enabled financial marketplace. Guys. Thank you so much for coming on the show and discussing capital, and I guess one last question is. Do you have any predictions for how capital allocation for startups will look differently in five ten years? Sure so! The first prediction. And this is happening now. I mean the the infrastructure is. In place both within. And others. Most startups fairly early in their life. Think is equity only way to do this and. So. That's a cultural shift. That's that's already happened. People are starting to ask that question. The second prediction is. Seed and series a funding will be entirely unchanged. After series. There'll be a bifurcation between businesses that. Are Really. Capital intensive gigantic rnd projects think like SPACEX. The series, B. C. d. e. enough are really about building and launching a rocket. Those businesses will by and large not. Turn outside of equity to finance themselves, but there's very few of those businesses. Pretty much every other business businesses that you see raising a series B. Serie C. Will like any normal business in the entire rest of the economy raise maybe half of that capital nine allegedly either in the form of debt. Royalty financing factoring all of the other instruments that normal companies use to finance themselves in the void delusion that will happen roughly three years her. Now that'll that'll kind of we'll see obvious obvious signs of that from very early very early base, and then the final the final thing is. Steve Case talks a lot about this. With the rise of the rest, he's got this great venture fund that invests explicitly outside the coast, so kind of the rest of America and we've seen that there's there's a pretty dramatic distinction between being a coastal business non-coastal business from capital access perspective, but there's no distinction from an actual performance perspective, and so we'll start to see some of the regional. Differences in bias sees around where capital flows, go away. And so I would maybe put that on a five year timeline like raising capital is actually much more predictable, much less biased, and that's great back to the beginning of our conversation. That's great for the economy I mean every project or business that can convert capital, two products and services that people love should get finance. No questions asked doesn't mean it doesn't matter what the color of your skin is. What background you have whether you went to college didn't go to. College doesn't matter. You have a business with data that can prove whether people love it

Steve Case Business Rosen Fisher Jurvetson New York Chris Welcome Blair Silicon Valley CEO Restorick Louis Spacex Facebook Singapore
ErisX CEO Thomas Chippas on Creating Regulated Crypto Markets

Messari's Unqualified Opinions

05:43 min | 2 years ago

ErisX CEO Thomas Chippas on Creating Regulated Crypto Markets

"Your absolutely anything to say. Initially the blockchain pat as you recall I started chatting. Unabashedly was in me. Talk about the block. Chain crypto thing beyond whatever it was twenty fourteen twenty fifteen whatever it may have been in for me looking at a blockchain side of things at the time I was falling back upon my experience in Capital Markets. Where trying to have multi party processing of financial transactions that had different life cycle events that were causing inefficiencies inefficiencies on capitalisation inefficiencies on risk management inefficiencies trade settlement and. I really saw potential in the technology But those early days were so crowded with wild claims and over amplified desires to change everything overnight in a capital system. That by design changes slowly right the appetite to change risk management settlement processing and things like that from a regulatory perspective. The slow if it's working even inefficiently that's better than an unknown thing that maybe more efficient lets you prune it. Let's ball Annette. Sort of view trickles to the folks in the Capital Market Space. The process banks clearing-houses changes. What happy but I was intrigued. Started down the path and certainly really proud of the time is spent working with the team at Exxon who I think is a great job pushing or the DOT story injury specifically. We've done a lot of things. There have started a crew valve those early day assumptions about potential this technology to improve things like CVs process in equities processing and other uses for me certainly being aware as you point out there were two businesses a trade block which is really market data into sees ems within the space and then separately the dot company. That was very focused on the inside but always sort of I over my shoulder looking at what's going on with trae blocking the trader in me just was constantly intrigued at the market structure of the way the markets were operating in a physical level. The lack of inter connectivity. The volatility all sorts of things that were very different than equities options futures rates. What have you? I was more familiar back my mind and I'd say you know on my own time a my own homework. I kept looking at the markets Personally and then just as the rest of the maturation process started to move from that period to two now in explosive growth in non US exchanges US exchanges various of understanding of the economic impact of something like non-sovereign store evaluate. Could have you for me. Just keeping a constant. I reached an apogee when the opportunity for Aris ex game. Just was the only thing I can see myself doing. Because it is truly the intersection of market structure not to build something different in. Do in the crypto space so now passively watching guilty more focused obviously on the criticized. Things unabashedly started Ornette let's talk about the the institutional landscape. Because there's there's I think three core things but you know fill in the gaps here for a more nuanced understanding three core things that have prevented institutional purchasing and the first step in the on ramp. Historically one has been data integrity which not only impacts compliance teams in terms of other things about marketing market. But much more importantly makes it difficult to prove. That trade was executed. Best bitter offer so sedated integrity and Is probably number one which trickles upstream to the changes are actually providing that data the second is institutional custody and just how a money manager can get their legal teams comfortable with actually making purchases in just evaporate the add some some type of hack and the third is On the regulatory side so you know in the US and most of western Connie's most parts That's been you know y you could argue largely solve at least for Bitcoin but other assets are gonNA be a slow and steady process to get institutions comfortable in reality. It doesn't really matter because the first step is almost always bitcoin. If you're talking about institutional allocations beyond that there's a whole slew of tools it needs to be built in in reality actually smooth that user experience for a large asset manager or a large bank or or per hedge funds and. We're just starting to see products like air sacs liquid back to building like civility coming market. That are are are satisfying adequately satisfying this niche and and I say niche Maybe like an air quotes because we all know that it should be. The biggest driver of long-term value in gross and ultimately the electrical contacts on the rest of the industry has given the enormous amount of money that has been sitting on the sidelines. Historically

United States Exxon Trae Annette Ornette Connie
A Coronavirus Care Package: Care For Yourself, Others and Still Have Fun

Bay Curious

06:31 min | 3 years ago

A Coronavirus Care Package: Care For Yourself, Others and Still Have Fun

"I'm not usually an anxious person but these last few weeks have really tested that I'm having to learn a lot of new self care skills to stay productive and frankly to stay happy nasty. Ivanovskaya has been my guiding for how to keep chill. She's an arts and culture editor at Kikuchi and asked her to share some tips. Welcome NASTYA thinks Alluvia. Okay so let's get into your tips. What do you think are the most important things that people can do to basically just keep chill during the stressful time? Well a good one to start with is really limit. Your information taken your exposure to the news reader reliable fact based reporting to keep yourself informed like but don't feel like you have to read everything that's out there and especially if it's stressing you out and giving wings -iety feel free to take a walk. Read a book off your phone. Your computer turn off notifications and just take a break. I saw advice somewhere to try to limit what you were doing after eight PM and at least last night I slept great. I didn't wake up with anxiety dreams or anything like that so so that was a piece of advice that worked for me. That's a super good tip to all right. So what else do you have for us? So there's only so much time you can spend sitting down. Just make sure to take walks outside. Run if you can also hiking is still allowed as long as you stay at least six feet away from other people and then also there's such a wealth of Free Yoga and fitness classes on Youtube to take advantage Speaking of Yoga these are really high anxiety times for people. And there's a free meditation really like to use called inside timer. I love free resources now. Aside from sort of you know taking time to meditate. What if I'm just missing people in my life so just for socializing definitely? Don't forget to schedule. A facetime call. Zoom calls with your friends. Some of my friends have been getting really creative on it. Like I have a few friends that had Kariuki on zoom. I WANNA do have parties with my friends. You can also do a book club where everyone reads the same book or even watch the same movie and talks about it on facetime but also don't forget to check on people that might be isolated whether they're sick or elderly were they have an immune disorder or another underlying condition. That makes it especially risky for them to go outside right now. Call those people. Make sure that they know that you're thinking about them. Maybe even offer to bring them supplies a few cannon. If that's safe and take people up on their offers to help to don't feel like you have to do it all on your own. Yeah there are some really amazing stories out there of neighbors helping neighbors and I WANNA pause real quick to share a story from Berkeley of two people who have found that even in catastrophe you can grow closer together. I'm in my eightieth year. I'm trying to ease into it. Gradually accept nothing is easy right now. Believe me there was a general location that was provided in the clearing house spreadsheet but it did not have an address site had to do a little bit of smoothing. I'm Laura X from The women's History Library and the national clearinghouse marital and date rape. Hi I'm eager trickled in Berkeley and I'm also one of those folks with the compromised. Immune System I was trying to figure out how I could be a net positive for my community and I went through the list of neighbors. Cool ask for various kinds of support and just in case. I ended up sending each of them an email. I began to remember standing there in the eighth grade. Waiting to be chosen at a dance conduct the horror of that. Oh God all those terrible school girl memories we're coming back and then any Gore stepped up turned out that she is quite a legend and a telltale sign was that she had her own wikipedia page. She has been an icon of the feminist movement. I have been very moved and so many people just moved to tears by people's offered all we ended up getting for about two weeks or of supplies and leave. Were able to still exercise the six feet of prescribed social distancing at the door. We ended up having a really great conversation on the porch of her house. I actually have been to where he was born in Ukraine and so it was all kind of fun for me. That just goes to show sometimes small acts of kindness. You might end up meeting lifelong fans people. I thought to myself. Wow a lot of people in Burghley. Ten meet this way. Cigarette thing made me feel better. It gave me a sense of larger purpose. Really really special. And you know you don't really quite know how to articulate the Malays until something different happened. There are hundreds if not thousands of neighbors just like the Internet has been really helpful for these kinds of efforts but eager says they're trying to figure out ways that they can let neighbors who aren't online know that they have support nearby. Okay Nasty. I know you've got one more tip for us. Yes just make sure that you're doing stuff to keep yourself stimulated an occupier brain. I personally love to listen to podcasts. Snap judgment is one of my favorites. It's a storytelling show. That does not have to today's news so it's a good way to get your mind off things also to a great chance to learn a new skill or training new craft crossword puzzles or games. And then there's a free APP Be where with your library card. You can borrow you. Books audiobooks and also a lot of artists are getting on instagram. Live till five stream. There are concerts or sometimes classes like the indie rock artist. Talent the get down. Stay down as having a instagram. Live sessions for kids this week. It seems like every hour. I'm seeing something new and cool that people are doing to create online community and offer something positive for others.

Berkeley Immune Disorder Ivanovskaya Alluvia Editor Kikuchi Facetime Youtube Laura X Kariuki Ukraine Burghley Gore Rape History Library
Boston - Taxi driver credited with saving man from scam

WBZ Morning News

00:37 sec | 3 years ago

Boston - Taxi driver credited with saving man from scam

"A taxi driver up in New Hampshire is now being credited with keeping a man from becoming the victim of a scam actually driver Craig Barkal says he got a call from a person who said he was the son of an older man in Belmont New Hampshire who needed the cab when he picked him up he says he was told the man who phones with publishers clearing house I I killed a large sum of money Markle says the writer needed to go to a bank to get money to pay taxes on the winnings in a given out his account numbers for how many dollars fifteen thousand particles has you convinced the man to call police who went to the bank with him and put a stop to the transfer the funds Belmont police captain Richard Mann says the investigation is

New Hampshire Craig Barkal Belmont New Hampshire Markle Writer Richard Mann Belmont
David Mikkelson on Creating Urban Legends Website Snopes.com

Oh No Ross and Carrie

12:54 min | 3 years ago

David Mikkelson on Creating Urban Legends Website Snopes.com

"Very happy to have a David Mickelson if you don't recognize that name you will likely recognize the site that he created and runs it's called slopes slopes dot com and I think we all Oh David a great debt of gratitude thank you thank you for being here you're welcome thanks for having me for being on owner Rossen Kerry today's just Ross ended and our friend Spencer and Charles were here at Sei con twenty nine thousand nine you've been to either this conference before similar ones way back when the amazing meeting being used to go to I probably passed in the hallways and they had no idea that you were the one solving all of my online battles actually I used to go with a friend of mine who lived here in Vegas and we thought US kind of Bari Pie be more interesting to go to the other side and go to the UFO convention and the vicar convention what the true believer Oh you're talking my language well that's what I do with the other skeptical crowd rather than the Arthur's or what have you so maybe WanNa join us on a future investigation or something let's tell our audience a bit about slopes in case for some reason they don't know I don't know what working to hide under for the past twenty five years or how to have not heard of snow but you started in the year of the lion king that's how I see nineteen ninety-four IC- yet what got snow going what started this I wish I could claim I had the foresight twenty five years ago to recognize you know the Internet thing fake news going to be a big problem come the twenty first century so I'm going to get a head start on it but no Not really that visionary it was just kind of a hobby that got out of control I worked for a very large computer company so you're kind of hooked in the Internet before most people had heard of the Internet back in the old ninety ninety four that's the very early days people are on netscape navigator for in back in the the usenet newsgroup days and there were no blogs even at that point no search engines no youtube yeah yeah alter Vista Dog pile of the company that made Alta this over really is okay I'm letting people go back K. situate themselves were in nineteen ninety four the Big Bang theory episode whether the doing favorite nonexistent search engine if I'd been involved in newsgroups about urban legends Disney and when the first graphical browser came out from Wola SORTA started writing up little Disney related urban legends okay this is kind of fun because carry my co host her other podcasts is called hit Mickey's and she talks about the deep seedy underbelly of Disney and did very investigation of the rumors around Waltz head it turns out he actually was interested in cryogenics but he didn't have his head frozen or any part of him actually that was one of the first investigations we realtors going out to force lawn and actually photographing the burial site or at least the martyr they are for anyone who wasn't able to access the -Fornia or Glendale at least give them a vision of of his grave and kiddingly trying to round up people on the Internet Tawhid in Forest Lawn overnight off the spot exactly what was this is the deep kind of investigative digging that's nope isn't even before it snaps and so I talked about with you before you know it kind of like figuring out a way to get into club thirty three the big mystery because it wasn't only Internet I just sort of you know the the basketball court in the matter homer and all those sorts I have been in there all the the hidden supposedly hidden risque stuff in Disney movies that's really where snow started a house and then when I ran through all the Disney legends I could think of branched out into different categories and then my wife the time started chipping in intending it to be kind of like a Wikipedia for Urban Legend Yeah not with the wikki part of everyone editing of it just sort of this authoritative Encyclopedia Urban Legends that's why it was originally called the wheel the urban legends reference phages and urban reference or legend Urban Legends Reverend pages right earlier yeah that doesn't roll off the time that does not I'm going to work so hard not to go down the rabbit hole of wanting to talk about Disney civic stopped I worked for Disney to mention working for big companies and love that kind of history so we'll talk about it some other time other podcasts so quickly took a left turn because as we were just discussing this was way back before search engines even yacht who was hand compiled yet just in index directories of websites did you get on that index but notes all word of mouth really kind of quickly became this place where everybody emailed anything questionable they came across on the internet or even in the real world and so it was all dying children trying to collect the the largest number of business cards birthday cards at Christmas cards and lots of computer virus warnings many which were hoaxes and missing dialed appeals many of which were hoax is you know before they were kind of clearing houses for all that stuff right now that was and there was no wikipedia the time so so which came first kind of the website format or the name snow pts well I started using the name snowpacks way back in the pre webbed as okay or yeah once the origin of this term slopes is the name of a family of characters that appear throughout the works of William Faulkner I'll and that has absolutely nothing to do with anything other than just way back when I was familiar with falters work so I doc named my cats nope site had personalized plate that said snowpacks and so my college roommate's called me that and when I started posting on the old newsgroups on the Internet the Stott there's you know whatever twenty million David's out there who's going to remember David I need like uh-huh Dinette so using snow pts and it really just were doubt fortuitously now it's become a verb yeah it's kind of like is Amazon Gogol it's short it's catchy distinguishes us from competitors 'cause everybody else in our spaces fact something or something check or something and we're the ones who are not yet we did a similar thing at least with our podcast is called owner Rawson Kerry because there's no indication from the name itself what the podcast about so slopes itself at least has just become a household name so okay so it wasn't anything to do with snoops the character from the rescuers which is what what my crazy conspiracy believing cousin Catherine calls it she snoops we actually did once getting Anki irate email from someone who threatened to report us to the Faulkner Foundation or so really not realizing that there are a number of people the world who actually have the surname snow he invented it's not like we called ourselves Sherlock Holmes or something as soon as you settle with me those families then you can come after me that's funny it reminds me of I think goes Murray Gelman who named the quirk after a James Joyce Reference yeah three quirks for muster mark so he made that his new particle name anyway will you know what to step back even a little bit farther again let's say somebody at this point is still not familiar with slopes haven't been there what's the basic format so you come to snaps if you've heard an urban legend or someone shares a claim that could be true or false yes and they get to see synopsis telling them either it's true it's false it's mostly falls somewhere in between and then an explanation right yes about we're doing these days unfortunately as political that's what's consuming everyone in the era of fake news and Yeah and Post Truth and all of that as lawyer work is cut out for him yeah so you you know someone's forty you this screed about some company is funding you know genocide eight of gay people in some African country or just something that sounds really horrible are hard to believe or you know Nancy Pelosi is going to become vice president trump resigns or some vaccine question right and so then somebody just has to add on their online debate forum while the to do is go to another tab and just type in snoops and then that key phrase that company and they get a handy article they read it very quickly and then instead of them having to do a ton of re research and share it with their crazy cousin they just copy the link and say please go read this note article so early on how many of the articles were you writing was it all you are did you have writers from the beginning at the very beginning when it started it was just me road all the Disney stuff the first few categories as I said than my wife at the time Barbara started chipping in in writing but said we started this back in nineteen ninety four it wasn't until twenty years later Haute very recently relatively recently back to doing it on my own and one of hired a couple of contract writers and then as the twenty sixteen election proved to be the most contentious in US history roundup with more more writers or editors so maybe you can help me out is it true that the pope endorsed Donald Trump for president. it's not true yes not wanna Vatican City as yeah how how do you differentiate all of this language around fake news versus is hoax or parodies how do you kind of internally classify all these things well one is we we avoid the USA fake news really now just because it's been completely co opted practically meaningless us like urban legend used to be just a a synonym for false or anything that you neal's they don't lie leave just call it fake news and also news doesn't have to be fake to be Eh misleading like you can create a one hundred percent accurate article only tells one side of a story you know it's like imagine a criminal trial where the prosecution put on a case of just stop there and it went to the jury the lies by omission yeah it'd be highly misleading so fake doesn't cover it all so we're still kind of calling it junk news item apparently our president has moved onto corrupt news media yes we're not quite calling it that yet tell me a bit about your process first of all how does an idea become eligible force a bunch of people submitting forms online saying please is a settle this for me or is it something you take interest in now our topic selection methodology is we tackle whatever the most people are asking about her questioning at a given time we do that through a variety of metrics what people are emailing us what the searching for on our site what's trending on Google what people are posting on our facebook pages what's what's on the front page of read it kind of there's a whole lot of inputs that gets synthesized and we don't make any judgments about the stuff is too silly or CBS or unimportant rust cover you let the interest level Kinda dictate house exactly sometimes it's kind of distressing but people are interested in to the exclusion of things are actually more substantial or important subjects to a lot of criticism where people complain you were debunking obvious satire must be there's nothing obvious out there and if we're if we're writing about it it's a whole lot of people had ask about it because they didn't get it will

David Mickelson Rossen Kerry Ross Spencer Charles Twenty Five Years One Hundred Percent Twenty Years
Fed And Seth Carbon discussed on Marketplace with Kai Ryssdal

Marketplace with Kai Ryssdal

01:11 min | 3 years ago

Fed And Seth Carbon discussed on Marketplace with Kai Ryssdal

"A bit more tangible. The fed is building. Something called a real time payments system that had let users move money in real time that is instantly between bank counts. The fed is not the first mover here. Big banks have been working on a real time system for years but marketplace's justin reports the fed can still make a difference when it comes to launching an entirely new products like an instant payment system. Seth carbon during u._b._s. says the fed has a big advantage. They don't have to necessarily make the business pitched outside investors investors. They can just decide to do it in funded themselves. He says the feds been processing in clearing payments for decades and because the fed is independent my rodriguez viadana is at 'em marvi associates says the fed can take time rolling the system out that allows them to spend a lot more time really trying to work out the kinks in terms of systems in terms of data collection election the fed said instant payment systems help people access their money immediately in avoid overdraft fees. They also help small businesses pay their suppliers faster but there's already a rival instant payment system run by the clearing house which is owned by several big banks really being driven by the small and medium size banks. Just i don't want a ball with the larger bang.

FED Seth Carbon