20 Episode results for "Kpmg"
#1724 - Q&A: Can I use OnlyFans for PG-rated content?
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more timely episode for you today. Welcome side-hustle school. Thanks for tuning in gonna talk today about only fans. That's right the platform or network known only fans. How many times have we talked about. Only fans on the podcast exactly zero. I think maybe we've mentioned it a couple of times but i don't actually feature only fans content or creators and that's because we keep it pretty family friendly here on the podcasts case. You're not familiar with the only fans platform had tremendous growth at the beginning of the pandemic largely due to amateur online sex workers. Actually i should say sometimes professional online sex workers who solicited supporters through the platform. Now some of these performers have done very well There's been lots of news stories about them. Earning tens of thousands of dollars a month though. Of course. I think it's also good to point out that many others have not done so well now. Today's collar it's brings me to the focus of today's episode because it is a family friendly podcast. Today's caller does not want to do that kind of work. She's wondering about using the platform for something much more. Pg rated okay. So only fans was not originally set up to be primarily or exclusively for adult entertainment. It's just kind of turned out that way. So she's wondering can use it for other things and of course people do but there are some questions that of come up about that so also one note in the time since this question has come in. The rules have changed once again so the only fans ban on adult content has actually been lifted. What she's referring to enter question. I so that's going to factor into the answer as well so i will address that in my answer. I shout out to our sponsor and then the detailed question edmonds has been taking this dress out of the entire car shopping process for over fifty years. And if you are in the market to buy a car if you know somebody who's in the market to buy a car right now you know that. There is a lot of stress involved. They're always has been but in particular right now with this crazy while demand for both new and used vehicles. Prices are off the charts. It's hard to find inventory and that's where edmonds can help. They've got all kinds of ratings reviews. Lots of detailed information on their website. I've taken a look at it myself. I have been to this website. I encourage you to do the same. Shopping for a car can be overwhelming. But edmonds is here to guide you to your perfect vehicle visit. Edmunds dot com to see their best car. Rankings and search for vehicles near you. That's edm u. n. d. s. dot com for cars. There's edmonds hi. Chris this is stacey and i recently started listening to the show. I'd like to start a fan club. And i'm wondering about the best way to do it now. That only fans has announced that they're removing sexually explicit content. I'm giving it more serious consideration. However i worry about the stigma of being an only fans creator even though it no longer has that adult content. I think some people will still think horn when they think only fans and that has nothing to do with my fan club. Should i be worried. Are there any good alternatives. Thanks hey stacy. Thank you for listening. Thanks for tuning in. Thanks for the question as well. I'm excited about your fan club and definitely want to have you get off to a good start so short version here. Is i agree with you. I think people will definitely think corn or adult content. Let's say when they think only fans in the news recently only fans announced that they were going to remove certain types of adult content but there was a bit of an uproar from some of those performers. And they've put it back so it's not actually going to be off the platform now and i think it will continue to be the majority of the content whether that's the case where it changes again in future. Personally i'm not sure the stigma or at least the let's just say that perception can be overcome at least not easily So it's not a perfect comparison but there's a number of far right political networks that exists as an alternative to twitter or facebook and so some of these networks. They aspire to go mainstream. They say that they don't want to just be about politics. But if you look at them and you read. Some of the content like the vast majority of it is a certain type of political commentary. So it's kind of hard to break away from a label or category like that once you have been so established or steeped in it you could say so when it comes to only fans i personally think the brand is forever associated with that without adult content or at least it will be for the foreseeable future and in the world of social platforms and networks. A lot of things can happen in the foreseeable future. So i would look at patriot on. I think that's the most obvious alternative the most direct comparison. But i would also consider building your audience on a network like tick-tock or at least attracting an audience on network like tick-tock. It's beginning to offer more monetization. Opportunities eventually went to get them off tick-tock and onto your website and such but we talked about that elsewhere overall as we have seen before. If you have audience you have lots of options if you don't. It's much harder so whatever decision you make. Make it first and foremost with a question. Of where can i recruit and cultivate and nurture and audience. That's my two cents on that. Thank you again for the question listeners. If you have a question side-hustle school dot com slash questions. We'll continue to feature them throughout the year along with updates mother listeners as they launched their projects like if i make an only fans account myself but probably not going to happen so until then come back tomorrow new episode every day. My name is chris about this is side hustle school from the onward project.
Tips to remember during Cybersecurity Awareness Month (The Daily Charge, 10/7/2021)
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more. October is among many other things cybersecurity. Where this month and well that's largely made up observance that doesn't mean the underlying behind. It should be ignored. Here's refresher on how to better protect yourself. Roger chang the daily charge with me to share some cybersecurity wisdom is our senior security reporter. Breath our welcome. Thanks for having me more than ever we. We need a cyber security awareness month or really wish cybersecurity year because this should be something. We're thinking about all the time to give our listeners. A bit of context. I don't know if you could give me a sense of how bad things are from a cybersecurity front and how badly we need better practices. Well i mean the thing is cybercriminals have gotten both more sophisticated and just busier. The attacks are more believable whether they're fishing or you know just things coming at your devices And they're a lot more of them than there used to be all right. So let's let's dig into some good habits to form the the first point may your story as on passwords which is an obvious one. But how do we get better at creating stronger. More effective passwords passwords have been around since the dawn of time. And i think they've probably frustrated people for about that long to the thing with passwords. Is they need to be hard to remember. That's that's the big challenge in the We're talking at least fifteen characters random combinations What the words you actually use. Don't matter so much. You could have a pass phrase of a couple unrelated words tied together. It really doesn't matter but whatever you do. Don't don't recycle them. Don't use the same password no matter how good it is for than one account yet that that's great advice but i think for a lot of folks you know. I think recycling is probably a common practice in because folks are they'll have time to one remember different ones. What's a good work around for that. You know the easiest thing to do is to sign up for a password manager. They just make everything so much easier. that way you only have one credential to actually remember. Everything else is just stored safely and neatly organized for us right. And that's we have law recommended. Passer managers are there any specifically that you would recommend you know basically. It's whatever you feel comfortable using of paid services generally work better because they Will are more likely to work across your devices but you know what using the the ones built in to your browser that that's fine too. Just don't expect all the bells and whistles that you would get with a paid service So the the next step is two factor authentication which i still don't use or even know what it is could just before we get into one breakdown. What two factor. Education really is sure to factor. Does what it says it. It adds a second factor in addition to your password to your logging It could be a biometric leg Facial scan or fingerprints. It could be something like a physical key that you stick into your computer or a code that gets sent to your phone through an apple push notification basically. It's a little bit of insurance that if your password is compromised The person who has that password still won't be able to get into your account and you know ninety nine percent of the time experts say this will prevent an attacker from getting into your accounts rise. There's one measure he should take. It's it's definitely this one and as you know they're they're number different forms for how to education can work for an average user. You know not someone who's got state secrets or anything like what. What is the most practical has the best mix of both security in practically ease. Well security experts say that the best multi factor for you is the one that you're going to use You know i. It's worth trying out different options. You know it. To factor is is such a hard sell with people because it can be cumbersome. It can slow you down i mean. I can't my mom just trying to get her to turn it run with her with her. Social media accounts was was like pulling teeth but you know i i like push notifications. I like physical keys for the really important stuff You know it's really up to you. The only thing that i would stay away from would be. Sms codes to get texted to your phone. They have been shown. I mean it's very rare and very remote that this this would actually happen to you but it could be compromised if someone did get a hold of your phone number right right. I know that that's a big red flag. That for for law folks at the tends to be the most common choice made for two factor Is using your cell phone number. 'cause there's you know the idea that is convenient because it's it's your phone. It's right there right right. I mean You always have your phone. So why not set up a google indicator app or you know push notifications that can come or you know if you have multiple devices. Usually you can approve a log in through another device whether you have iphones or android. Or what have you the only problem is i've had those come to phones that i never That i don't have any more so that arms in the past as as someone who's had a lot of phones at my disposal in the past definitely i've had i've had that promise while to dig up. Older phones charged him up just to get that notification workings The last one you have really is very prescient is is not using social networks or social networks too long in different services outage facebook college from this past week or early. This week made very clear like why. That's a bad idea right. Yeah i mean it definitely made it difficult for people to get into services that they had tied to their facebook account And other social media to that might use the same logging but you know the bigger problem is that there is a security in privacy trade off with using social media accounts especially as a single sign ons Facebook loves to collect data. That's how they make money. They can collect the data of that app or site that you're logging into And the reverse is also true. That apper site could request your facebook information now. Usually you have an opportunity to say no to things like they may want your contacts or your friends list or or you know your personal information about who you are and where you live But a lot of people just click through the stuff without even thinking about it. The prime example obviously is facebook and the outage definitely showed some weaknesses there. But i'm curious what you think about you know. Google google makes it really easy logging using its. Id is at the same problem and potentially a more complicated answer. A question is what about apple because apple has its own signing with apple feature supposed to tout in more privacy. Do those kind of fond of the same bucket for you in terms of The problematic well. Google does to an extent Google also is all about collecting data. That's why it has a monster search engine It's gonna pull everything at can from those those apps that you are a logging into now. It may not be as eager to give up that data as as facebook though Apple is a completely different story because apple. At least as far as what they say. They're doing their privacy. Policies and user agreements are much different than facebook and google. They don't share data with third party companies And the and they have taken steps to protect your data using apple as a single sign on for a lot of people is gonna make a lot of sense. The only problem is we haven't seen it adopted as much as the other two services. I you know. There's a handful of absent i use obscene it. Start to pop up You know there. There's really nothing wrong that i've seen with using the service By in n. Down the road apple has said that it's going to require that absent. Its app store. That allow Google and facebook sign on. But they're going to have to also at apple list as well right right well last consider hopefully folks listen. Take your advice. Bree thank you for your time could check out her dot com. If you have any questions on twitter at the daily chart or suffered direct text messages for me heading to see that the co slash charge any flip which you heard. Please subscribe to. The podcast really helps out daily charge. Roger chang thanks for listening.
151 - Round 2: Failure is the building block with Mo Ismail
"Let's go round number two all right. You're making all this content about achey guy telling people to live their fullest potential and create money through their passion. I get it. it sounds great. When i'm in your bubble. When i'm in california with you and you're like feeding me all this energy but how does one muster up the courage to actually pursue it and commit to it with consistent action. Not like i did. The whiteboard session sounds great. Feels great but how do i commit with courage and consistent action over time. I'm gonna apply concepts around number one number two. Let's see we do this. Okay okay so you're asking me. This feels good. It sounds good. But i don't have the courage nor the conviction to do this and i can't fight your fight for you. I can't do your push ups for you. So all i have to say is when you have a decision to make in your life. You have to consider the option before you and the alternatives. So whenever whenever like approve this to be true like well. Why don't we look at what your alternatives are c- relatively speaking and conceptually speaking if this is the best option moving forward so if you're doing something where feels like you have to plan a vacation to escape from what you're doing. That's a pretty good indicator. You're not doing what you're what you love if you are not motivated to get up if you're not motivated to give it the extra whatever effort that needs to go beyond what it is that most people do. And if you feel like you're dragging felix straightening your life force. Well that's option number one. That's the current track that you're on so if you're feeling something off but you not articulated. What other option exists. All i do is try to present you an option that if it logically and emotionally aligns with what you want in your life then you have to determine. That's what i want. Because i can't make you do it the expression you can lead a horse to water but you can't make it. Drink is the case nine jones. If you wake up every single day filled with purpose pushed by passion to make something that then the profit will follow but only you can decide that for yourself and i know that as much as possible for able to combine all our loves or interest and the things that give us joy together. This would be an unfair competitive advantage. And that's what they key guys about. I think you're on the other side of the iki guy and when people you and you've seen the of the labor and i think when people find their achey guy. There's a fork in the road. There's what i know to be true right now. What i'm doing. And i know the consequences of it whether negative or positive so i feel safe there because i know the outcome the achey guy when i find it sounds great but the outcome is so unknown. So maybe i'll try for a little bit. I don't get the results quickly. And then i stop and i go back to what i was doing because it's giving me whatever immediate gratification that i need so i wanna know i get it. I get it theoretically passion purpose fuels action etc. How can i stay the course. Even if i'm not seeing fruits to the labor early on yeah so you want what. Most people want is assurance and guarantees and. I don't know how to offer that to you. We pursue the things that are front of us because they're familiar not because they're good. We do things out of habit and tradition. Not because that's the right thing to do right. That's the problem. Generally speaking okay. So when when somebody is looking at their life and saying well. I'm not ready to do that. Like i don't know how to tell you. And if you say that. I wanna guarantee i can't offer you guaranteed either but if we step back if we look at the most successful people and i've even done a little research on this and the secrets of the success of the traits of successful people in almost always begin with passion or purpose. That something bigger than you is pushing you to do this. And you're committed to it and from there. All things are possible. If you phone it in. And we've seen this. We've seen in sports We've seen it in lots of different things when somebody's heart isn't in it. When they get into the dip the valley they break they don't have the fortitude to push forward and we see this in boxing if it's a twelve round fight they break when they feel. They can't win. And they crumble. Their will to win is broken. And that's why it's so important for you to find that courage to ultimately aligned and things that you love in your life so that's what you do because then you will never quit time for a quick break but we'll be right back. This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more. Welcome back to our conversation. So backup here. You say you're always in the dip. So you're so used to that feeling you're so used to. Oh my gosh. It could go wrong at any minute. What does a person need to do to get more acquainted with the dip because the dip is inevitable. Like i love what you're saying but it's inevitable and then like what do i need to put my chris recorder recorder on in my head so when i hit the dip in my state of course what does a person tangibly need to do. Yeah so maginness. Imagine this graph like you can call it the pleasure the fun whatever graph it is and as you track along kind of gradually gets higher. So it's like it's really cool. And then at some point eight falls off and it looks like a cliff and it drops into this whole this ravine and then it goes way way way up and so we're looking at it from this point of view or we start off in our journey and we see where we wanna go. We also realize there's a dip head and that's enough for us for most of us to not take that first step that we somehow imaginer mind that could be this fluid. Direct linear fishless path. From where we are and where we want to be and there's no challenges to some trials tribulations. It's nothing to test us so when we see that dip. I don't want it. I want the perfect cleanest solution. Why do i start in the dip. And what does that really mean. I know there's pain head. I know it's going to be difficult mo and i wanted to be difficult. I want to dip to be filled with crocodiles and piranhas. Because i know that's going to make the competition or the barrier to entry so high that most people would quit before even starting on that journey or as soon as they dip their toes in the water. It's too cold. oh. I think there's something moving in the water. I don't know what it is. And that's where i wanted to sit there and play like a video game and jump on the crocodiles heads and get across that. Because i know once i cross this ravine it's going to be wide open so i embrace that part of the process that almost everything i want is on the opposite side feared comfort and failure. I don't look at failure as a roadblock. I look at it as the building block to get to where it is. I wanna go. How can i recreate that mindset. Not me i'm asking for for the enersen. How can i recreate that mindset because row you say a lot of things and maybe this is a challenge. Here there's an assumption that everybody wants to think that way out argue some people. Just wanna be comfortable. Some people don't wanna feel all that pain some people don't want to go through the tribulation so we'll put those people aside because their objective in there gopher life is different but for those that want to have the success that you have or the success that they want. how can i embrace that mentality. What do i need to do okay. One part exposure therapy on part micro trauma the related the more. We expose ourselves to something the more resilient we become the more or the less it affects us and takes us down too dark place right so we know that in working out if you're trying to build muscle mass you're trying to create micro trauma not to the point in which you tear muscle and you can't do anything for months. That's not what we want. We don't wanna push ourselves to bodily injury where now we can't stand up straight anymore where we have A crushed disc or something. But we're we're doing is. We're trying to stretch our body and it's gonna be sore. Were tearing the little tissues apart so that it can rebuild to be much stronger so you kind of have to look at this. If you want to learn how to be comfortable in the dip you gotta expose yourself. I'll give you an example k. I'm watching videos. About how co therapies. Actually good for your body for your mind and for your skin and so the behalf habit is to take cold showers now if especially like now in winter when you jump into the shower and it's cold it's gonna shocker system and you may be shivering high right but the general idea is this is maybe you start off cold for ten seconds and then you gradually increase the temperature in in terms. I'm sorry you decrease the temperature so even colder and you increase the amount of time in which you're exposed to it that eventually your body adapts the human body and the human mind are is incredibly adaptive in terms of how responsive environment. You heard me say this before. Luxury makes yousof. So when you have everything laid out for you when you don't have to work for anything in your life you become soft mentally and physically so some of that grit is necessary. Some of the challenges are necessary to toughen up your mind. Your body your soul and your spirit to overcome and that's what it's about. Yeah definitely. I lost throats. Thanks for joining us them. If you haven't already subscribe to our show on your favorite podcasting up and get a new inciteful episode from every week the future podcast is hosted by cristo and produced by me greg. Thank you to anthony borrow for editing and mixing this episode and thank you to adam sanborn for intra music if you enjoyed this episode induce a favor by reading and rippling our show on apple podcasts. It'll help us grow the show and make future episodes of that much better. Have a question for chris or me head over to the future. Dot com slash. Hey chris can ask away. We read every submission and just my answer years in a later episode. If you'd like to support the show and invest in yourself while you're at it visit the future dot com you'll find video courses digital products and a bunch of helpful resources about design and creative business. Thanks again for listening timothy next to them.
Microsofts Surface event: Surface Pro 8, Surface Duo 2 and more (The Daily Charge, 9/22/2021)
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more. Microsoft unloaded a ton of new devices at surface family today. Let's break it down for you chang. And it's your daily charge. What does run through. A slew of new products is seen it laptop in pc guru. Dan ackerman welcome down a low. So there's a lot to go through so let's try to be quick with each one first off the surface pro eighth flagship device. What what's new about it. Why should we be looking at this. Yeah the service is kind of the star that lineup and always has been even though microsoft announced a bunch of stuff today. There's really three things that are really big and do the surface pro aid. Is one of them. People been waiting for nice update to this. It's a. it's a standalone windows tablet. That has a clip on keyboard. And you always leave. It is having that clip on keyboard which is pretty clever but they sell it separately. You still have to buy it for another one hundred thirty dollars or something like that on top of the device itself but the main thing is a slightly bigger a slightly bigger screen. I think it went from twelve point five to thirteen inches. Some newer cpu's and they changed the stylus that it uses from the regular very pencil looking surface pen to the surface slim pan which again came from that surface pro x which is their qualcomm version of. It's an only everybody's using the slim and so you need a new keyboard cover. That'll fit that and of course the new slim and so it's not just about getting you to buy a new surface. It's getting into by all the new other stuff because the old to home fit anymore. Ryan the surface pen to. How's it different from slim and one I they have added a little bit of haptic feedback to it now. When i got the try these out. I did a little hands on the other day with most of these. And they said oh. When you're drawing with it you can. You can feel some haptic feedback. I felt haptic feedback. Which is like a little kind of jump. When i was selecting brushes in drawing tools for went from the marker to the pencil eraser you could feel like click click. Click each time. I really didn't feel anything while trying but you know i was in an early demo session so so that may not be fully baked yet. Okay and you mentioned the surface pro acts which is the the qualcomm chip version. Not the intel chip version of the surface pro. I know it got a minor. Update what change with the pro. X i think only with the pro exits offer you a wi fi only version versus a wi fi l. e. version. There might be some small chip upgrade. I know that the another product we're gonna talk about moved up to the eight qualcomm chip Yeah well speaking of which the surface due to which is a it is a phone. It's not a foldable phone. It's a folding phone with two screens. Anna hedge the last the original surface deal which came out last year did not farewell critically or commercially whether knox was a slow processor. But they've added some new features and boosted at the specs for this new one right in. It's a nice set of upgrades. It's a product that nobody really bought but people did like to read about and see because it was so clever looking and different when everyone else was doing one thing adding flexible screens. They were going the other direction and said. Oh we're just gonna have to screens hinge in the middle kind of like an nintendo ds. At clever concept. The initial implementation was not great. This one solves at least a few of those problems. It's got a faster processor. They've added cameras to the back of it because before you just had kind of a selfie camera and if you wanted to take a photo of something on the other side. You'd have to bend one of the screens around to do that. So now they've got an actual rear camera array. Which of course brings with it. A camera bomb but the nice thing. The thing i felt was a cleverest about that was if you hold it. Open user your cameras. You take a picture one screen is your viewfinder just like you would have on a phone. The other screen shows the photo. You just chuck full screen right next to it as soon as you take it so you can take picture say oh and need to go a little bit left in do that and you really have that comparison right there or you can just have your whole photo library on that other screen. And that's the thing that frankly seem the most interesting to me. Because the serpent's do one really struggled to get even microsoft apps to feel like they belonged on that to screen device gap for sure and then they did announce a couple of games that will be optimized things like asphalt eight so games. It's like it's like mobile. Phone rang right but they are trying to make the argument that you know but developers are at least thinking about this. Which is a real challenge. Right this is a very unique design. The unique look at interface and developers would have to spend time to specifically optimize for this device. Which right now. There isn't a huge market for right. Now they're doing. They really have to get their own software house in order. I and they're definitely starting to do that yet. Very windows eleven like widgets on there now even though it training android and when i thought they did chips and gaming on it but they were more interested in showing xbox cloud gaming on it than than an android native game like those game loft games all right. Well what about well. The most one of the more interesting products is one of the proxy ended up with ended with. And that's the surface laptop studio. Tell me about this because there's actually looks pretty cool but has a walk. It looked pretty cool. They had a device called the surface book. Which is still around for now but as apparently getting phased out and replaced with this the surface book was kind of a bigger surface pro. You had your screen and you had the keyboard bass which had an extra battery in it and it had a gp unit which is really cool if you wanted to do some gaming or creative work video editing photo editing. Things like that so now instead of pulling apart it's one piece. But the screen pivots voted on a second hinge. Right in the middle of the screen horizontally. So you can take the screen and pull it in front of the keyboard almost like a little drafting table or you can fold it all the way down. Now you may go. Oh wow that's really clever. But i went back in my archives. While we're looking at this. And i found you know other people have done this designed before you think of most hybrids is having the three sixty flip back screen like a yoga does or having the pull apart like a surface so this is another one of those designs that has popped up from time to time. It is not in a a success really for anybody but people keep trying. Acer's had a couple of versions of this for years. They've got the concept d. systems. That have pretty much exactly the same hinge and years before that they had something called the art seven that had a very similar hinge. And i actually found one that went way. Back to two thousand twelve of sony viljo eleven and these were all part of like when windows eight really wanted everyone to make a windows tablet and everyone tried all these wacky design ideas. That's where that hinge came from and every couple of years you see it come back again. So maybe this'll be the time it takes yen. I guess last in terms of the devices. There's the surface go right. What what is what's new with that you know what they blip by the service goes so quickly. I did not even notice. There was anything different about it. It's their low cost version of it. They have the surface go and the surface go laptop which are both a couple of hundred bucks less than the other ones. The probably the serpent's go was always. The tablet itself was inexpensive. I think it started at five hundred fifty dollars like you still had to buy the keyboard and on the same hundred thirty dollars at a cost for the big surface so at that price you might as well spend just a little bit more than the regular surface because the the goal is so underpowered relatively are and microsoft talked about sustainability and introduced a ocean. Plastic or mouse made out of ocean plastic. What do you think about that. Always nice to have. They're not the first ones other. Companies have had ocean plastic mice for awhile now. So i would go out of my way to go ray job microsoft but is good that they're in the game now and they have something similar. Got it and so for all. How does this new service lineup. Look to you and let's talk about. We could talk a price which we haven't really got into. I don't think they talked a lot about price. But based on previous based on previous models the surface pro usually starts at a thousand bucks but again the the the stylus is another hundred dollars and change. The keyboard is usually one thirty two. I think one fifty or sixty if you get a fancier color or or material on it and the laptop the are these surface book was always much more expensive. Because it's got that built in. I don't know exactly where the laptop studios gonna start but probably pretty high because it's got an invidia g force thirty fifty. Ti in it. I think that's if that's not the. I'm not sure if that's the only gpo option they're going to have to. That's the one they talked about. And that's frankly a pretty high end option. So i would expect that to be to two thousand dollars. Easy got it. So that's probably gonna be more of a niche product you know in terms of upgrades over the previous iterations. Like was this no worthy or should folks take knows but this year's lineup or men take away t- approach that's the thing it's kind of like the new iphones. The upgrades to existing products are pretty incremental. Even the duo is not radically different. It's it's improved in a lot of small ways to screen little bigger. They cut down on the gap between them. They ended the rear camera. That's pretty good. The surface pro which is their flagship product and frankly does really well for them and this is a pretty modest set of upgrades and the same thing people would say about the iphones. Oh it's got a new process in a couple of other tricks. If you have the most recent one you're not going to be tempted to get a new one. But if you have one that several generations albany like the line then you go the surface pro eight now. It's time to upgrade if mine is three or four years old just like if you had an iphone twelve. You're not going to go out and get the iphone thirteen unless you're a complete maniac. But you if you have an iphone ten then maybe you'll get the iphone. Thirteen got a law sense dan. Thanks for your time. Check out all of our surface coverage on cnn dot com if you have any questions his twitter at the daily charged or suffer direct text messages from me heading to see that dot co slash charge. And if you like what you heard please. Rate subscribe to the podcast. It really helps out the daily charter. Roger chang thanks for listening.
iPhone 13 and 13 Pro: Heres the CNET official review (The Daily Charge, 9/21/2021)
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more. Apple's iphone thirteen thirteen pro officially go on sale friday. The senate god's hands on the phones early so are they worth your money. Chang and this is. Your daily charge was breakdown. His impressions of the new. Iphones is senior editor and fellow lego aficionado. Patrick cullen welcome patrick. What's what's up. My fellow brick head so these phones have been knocked a little bit for just being a minor upgrade from the iphone twelve family are virtually identical to last year's models. But what are your overall. Practice nets a great way to preface it. Because i think that is like the overall impressions people have end. You realize though there. And i feel like it's the thing i've been saying a lot lately specifically the apple that there are a lot of small things that add up to something more significant. And there's lots of those things that people are going to use far more than something crazy like if it had satellite antenna right And i think that's what my experience was. Wow these are just really well refined. I don't wanna use the word safe. Because they're still a phone in the sense like i do think what apple released is a very familiar. You know you're going to get into if you're upgrading from an iphone. Six an iphone eleven or even last year's iphone twelve. You're gonna have that same experience you've had and they don't mess with that this ad amazing things to it all right. Well the the big question huge question for me. did you notice the smaller notch. Okay patrick without the still gear and without having to take photos and compare the not. no. I didn't but also didn't notice i have a love hate relationship with a notch. I think some people do i. T's it a lot. I i don't like i don't want it to die but it would be nice not to have a notch understand this utility yet. It is nicer to see something a little less into a video game or a video right and i'm watching stuff like ted lhasa right. We're doing all the apple stuff and there's this little you know. There's got to be someone on tim. Cook's teams it's like. Can we got it. We get that special case to cover it up and put sixteen by. It just seems like it's there but at the same time in a weird way. It's kind of like a little bit of an identity for the iphone as well like you is someone's has that not streaming. It's an iphone. It wasn't till i brought another phone with a regular size. Not where you realize. It is not an they twenty percent less accurate. It actually looks a lot less than the old notch all right well. We're seriously between the two. The iphone thirteen thirteen pro. Which is your favorite right now. We'll go with whichever's your favorite will go with. I absolutely and i'm so glad you asked between the two because there are four phones but i think that's the theme. This year is apple has really focused on making two funds the iphone thirteen and the iphone. Thirteen pro you wanna smaller thirteen. You get a thirteen mini. You want bigger pro. You get the thirteen primax in. What's neat about that is. My favorite phone is thirteen. Pro out of this lineup. And the biggest reason for that is last year's pro I think i finally figured how describing Lots of retail has like good better. Best like you can get this for nine hundred nine but he paid two dollars more you know and you work your way up to the twenty dollar thing. In which one do most people get the middle on the better one and so last year. The iphone twelve pro. Was that middle better option. But you still had that twelve pro max and so if you just wanted the twelve primax in the regular size. Six point one at screened. You couldn't get it but now that's all kinked For sake of size or a aside from size and a larger battery for all intents and purposes the thirteen pro thirteen promex are the same size. And i really liked that. The thirteen pro has such a good personality. And i think people sometimes because you interact with it you get to know it but it looks really. I have a sierra blue syrup blue. Yeah that is right. that's right. that's right zero blue version and it looked so cool because sometimes it's like light gray. Sometimes it's like. I'm in the carolinas. So we have the unc tar heels. They call carolina. blue It looks like that as well but then at the same time. They're a little more. Hefty that gives it a little feels a little more robust and But then we're going to talk about at some point. The cameras the cameras the cameras and before you get to the cameras gotta talk about that. Chrome ocean screen roger. How many times have you talked about wanting a high refractory screen on the daily charge. Pretty much never. This was breakdown. What the heck refresh rates on screens are and why we should care about the promotion. I kid because he was on to talk about it a little bit after the event but i for our listeners like refresh rates. I think that's something that may be folks who buy. Tv's a lot have more of a awareness of but for phones. It's a relatively new thing. I know a bunch of android phones have stepped up their refresh rate game. And now apple's doing promotion but what exactly is promotion. Did you even notice a difference with that. Promotion display ethical aspect. I guess and then the what is promotion. Promotions branding term apple uses to call a high refresh rates remain high refresh rate. I guess the motions pro- professional somehow So normally extremely look at on her phone is sixty. Hertz pre standard. And if you want to think of it like a youtube video it's like thirty per second so that's two times that rate now over the years. Android phones of launch. Like ninety hurts phones. Or one hundred twenty hertz. Phones were up to one. Hundred in sixty five hurts is like the top one now And what that means is in one second. It's basically refreshing that screen a hundred sixty five times in case of the iphone This is first high. Refresher screen ever iphone in. It refreshes up to a hundred and twenty times. And why would you wanna high refrigerate on your screen it makes things like animations smoother in makes video game more immersive I still have found that app where you could actually watch sports at like one hundred twenty frames per second. Think that would be wild or even to stick a at at sixty frames per second on foam would be great but it makes things look more crisp if i had the phone on my table and had my regular avid twelve mini which i still love. it just the home screen that the home screen itself it does looks like little almost stickers for the apps on the icons So it just makes everything pop more but when you combine a high refresh rate and you combine that with a high resolution and brightness and contrast he kind of had the magical for things you want for a really compelling screen Does it stay one. Hundred twenty hurts the whole time that some people have asked me. It's not true. One hundred twenty hurts. It's like heck no and what we've learned or what. I've learned for reviewing lots of phones. You don't wanna scream at state. One hundred twenty hurts the whole time. Sony released the experience. One mark three with a four k. Scream that refreshes a hundred and twenty frames per second and is either on or off. And i bet you can guess how great or matt great that better licensed right so one hundred twenty hertz does on the iphone is it depending on. What's on the screen. If i'm playing a video game it might get two hundred twenty hertz. If it's static on like a home screen might go as low as ten hurts. You know it just really depends what it is and yeah that definitely a smarter use of the battery which i know they tout But yeah let's go back cameras. Because i think that's what a lot of folks really care about when they're looking at new phone. Is one battery life. The to camera Particularly for me glass. Take my kids. What what are the improvements there. And 'cause i know they spent a lot of time on the cameras during the presentation like how. How has that experience changed. Yeah i think the first thing is i guess the first thing they know about the cameras on the pro specifically is that all the cameras are new. They have new sensors and new lenses. And why that's significant is a couple of reasons so last year. The twelfth pro packs had the largest camera sensor ever and inside an iphone and this year. The regular old iphone thirteen and the regular thirteen. I don't know if it's the same center. But it has a very similarly specked size and megapixel count so essentially has the same sensor as the twelfth pro inside those the the baseline models right then the thirteen pro thirteen primax that they have in even larger sensor and why he want that largest center. Let's more light and we have more light. People think it surprised photo. Yes is partially true but that also lets you have a faster shutter speed and we have faster. Shutter speeds you reference having children. I can only imagine how many kind of slightly out of focus photos you have. Because they're birmingham so many now. This isn't going to solve that problem entirely. I don't know if we'll ever quite get there on the phone because it some point is a sensor so small you know but Yeah i was able to like to take pictures of people like on a bike in. Get a pretty crisp like frozen. Framing looking at the shutter speed. It's twice as high or anything but it's a little bit higher than it might be on the twelve. It's definitely hire them like the iphone. Eleven z had that basic camera stuff. You got that but do you wanna talk about cinematic mode which is one of my favorite things out. Yeah yeah talk about cinematic i. I don't know a lot of folks are. Actually you know dawn directors hat and start making movies so when i saw this is cool but how many people are actually gonna take advantage of this. But i know you are into filmmaking and it's probably near and dear to your heart but talk about cinematic mode they'll making is near and dear to my heart but actually it's not the filmmaker side of me. That's innocent. I feel like it may be anything. It probably more oriented to people who are not because it just it it. Let's take a step back remember portrait mode and most people are familiar with this point and what that does take a photo and it takes the background and apply as people call. The blurb is kind of like it's making the background out of focus and different phones have different recipes. Some will make it look like a camera some on the on the other side of the spectrum. You have something like a zoom call where you have that weird like cut out you know. So what if he did that for video now. Other phone companies have made Of what they call portrait mode video for lack of a better term where. It's doing that same thing the video but what apple has done is just a little bit different. They've actually gone. And based this more off movies so you're able to do things like change. The focus shift from one person to another. You're able to change the aperture so you're able to take some of that portrait mode. Technology apply it to some cinema techniques and was best about it is i. Can this open the phone. Tap the record button and it does a lot of that on. Its own if i want to go that next step i can change the focus myself. I could even go back after. I record the video. And let's say that. I was filming you and bvd having lunch. And it's all on you. I could tap in. Switched the focus to be honest with you back to you and it's that simple and that great. That does sound great. I've got two kids so being able to shift focus between them the one that's less than knowing versus the one. That's more annoying. That's that's pretty appealing. I'm definitely tempted interested in trying that out beyond beyond the camera. What about the battery life on. And then we can talk. Generally about this because i know they talked about across all models but generally how is the better life and is it as good as apple. Tout's all right. So i had the phones for just under five days. A typical battery tests might run like you know maybe like anywhere from like the high teens to like twenty hour so and typically at seeing that we run a battery test three times the average so i was even thinking like i would have like the phone for maybe twenty hours that i could actually test it right for not battery. So i'm still going to do are seen that testing but our scores for battery or not solely based off that and In my time with it all the phones handled it. Well especially when you're a review tight. Turn around like this shooting lots of photos and videos with the phones. You're getting those the batteries getting hawkins being charged and then his out like i'm in south carolina's very hot humid here They all handed it well and probably the one that gets picked on the most Thirteen many Yeah i don't. I didn't have to do my three o'clock or four o'clock Put it on a charger during this time. Now i go to be completely honest. Do not listen to what i'm saying at only have these are by asian term battery right. There's also things like the needs to be optimized stuff like that. so i have a feeling i'll prob. I'm hoping that i get invited back. Roger to the character. We could talk about that when i do have a follow up to that 'cause We're going to plant them big testing especially around the battery life but so far so good is the best way to say. Let's switch over the iphone thirteen. What do you think about that phone. I mean that's probably the most people are gonna get it sort of that common model that or the or the thirty pro. But what do you say. Is it a big step down or is it a step down from thirteen pro and i guess probably a better question. Is this a big step up from the iphone twelve. Oh this are two great questions in the two big additives to try to focus it in. Let's talk about the difference between the pros. And and the regular one to have the pros on pros. And i think for the most part. What are the differences. We're starting to see there's actually more differences and just because it's different doesn't mean it's inferior but let me give you an example so all of them have a lip panels right clearly. The only phones this year that have that fancy promotion arguably the prophet. That's not on the Thirteen or thirteen mini now. Does that mean that screams horrible actually not is still very attractive. Screen millions and millions of people are using the screen. Have no problem with it. let's talk about the cameras. I mentioned how the the protests all those do centers of stuff is not saying. I have no fact that this is last year but it's very similar to last year sensor and stuff which was until two weeks ago one of the best cameras you could get on the market right so now this is in your baseline phone but then this is where. It's getting very interesting. Is they have at eight fifteen by on a chip which is like their system on a chip they have the isp and all that stuff and one thing that i thought was interesting was the gp is different so the gp on the thirteen thirteen many has four cores. The gp on the pro models has five course. Did i notice that difference. Only one time and that time was when i ran a gaming graphics benchmark test and the score is lower and lower and i didn't i thought they would have been exactly the same traditionally the chips have been identical in all the phone so to see apple this kind of finding places to kinda nip and tuck some of those savings and i think that's totally great and i don't think it's a it's a. I don't think it makes the thirteen or thirteen many inferior that i think if anything it's like. Oh your car can't go two hundred miles an hour. It only goes one hundred eighty. Okay ever going to drive that fast. Probably not got anything. Generally speaking anything disappointing or surprising about the phones. Yeah i mean. We made fun of the knowledge. And i don't think i honestly don't think that's as big a problem as it is There's dislike some late nitpicky things. So we have iowa's fifteen which is so much fun on these phones and it's gonna be fun to have other people. I was fifteen to interactive philip. So much of is fifteen is is being able to hear these these these systems across phones. Cross your other devices and when you're in these betas and we've heard the review phones. You're just hoping that someone else. I was fifteen has its. He could see that staticy like you're the call hope yes. We could do that. In if i i'll do a shameless plug i have a. We're not calling a review video. But i have like a best speaker. Two biggest candice video. I made for seeing that Where i go more into that now. why do i bring that up and you say disappointing I think for me the things about the phone that That were like The things that had trouble with the phone were maybe display preferences of. Let me give you example. So we're talking about that cinnamon Cinematic mode When you go to edit the video there's these little key frames like little dots on the timeline. And where each of those dots are is where there's a focus being changed so if you want to change the focus you tap on someone's face it adds another dot if you want to see where those dots are you can kind of long press on the time line and it gets bigger but as soon as you let go you you lose that it goes back to small so there's not like a you can't tap fast enough and is a huge downside. No it's just kind of annoying. And even i have pretty good eyesight. But i it's annoying to me you know and it's like souza's little things like that that this need like nips and tucks And i feel like like i said lead the interview with when we talked about a lot of small things that are significant ethnic. Those are like a lot of small things that can be significant to someone. Especially if maybe you do wanna use that feature. And it's harder to edit or You wanna take advantage macro photography mode where it is automatically kicks in and then apple shared last night there. They're going to add setting to turn it off because something i discovered with that is. If you're in low lighting. Why would you go to your switch through inferior camera to seek focus. Closer you get right. Yeah and so. There's things like that right. And i would say those are negatives but there's not glaring like don't get this or It over heater. It doesn't do this. it has done everything. Apple has claimed and in a weird way going back to the other thing you led off with. It's kind of a boring update in in boring in the best sense of that word. It's sometimes find to have been the library and be quiet in have that moment right well. That's a good place to wrap it up. Patrick will definitely have you back on your longer. Term impressions in the meantime you could check out his review on cnn dot com or his reviews both of us reviews if any questions his twitter at the daily chart or sanford direct text messages from me having seen it dot co slash daily charge. And if you like what you heard please rate subscribe to. The podcast helps out through daily charger. Murder chang thanks for listening.
467: How Location and Design Impact CX
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash. Trust to learn more. This episode is brought to you by hp plus in a world full of smart devices. Isn't it about time. Your printer got smart to now. Printing is smart with hp and the hp. Smart app is how it happens. You can print from your phone with just a tab no matter where you are even from your garage slash home office slash yoga studio. That is smart. Hp plus learn more about smart printing at hp dot com slash smart. Welcome to crack the customer code where your hosts jeanie and adam unlocked the secrets to keeping your customers. Happy and coming back for more. Hey everyone jillian. I just want to head up that today. September twenty first. Our french chef hike is releasing his new customer experience book. I'll be back. Shop shared some great insights from the book in episode four sixty two earlier in the season and as of today. The book is officially out. Make sure to check it out at. I'll be back book dot com. That's i'll be back book. Dotcom adam you know. I think when we talk about customer experience we're off. We're often talking about kind of the journey in a theoretical way that a customer goes through but today i want to narrow that down a little bit and talk about the specific geographical journey that customers are sometimes on and how location can be such an important part of the customer experience. Well you know. Everything is location location location in. Hey well done it's been important It's usually been viewed through the lens of sales but we're gonna talk a little bit about the different side of it. Which is the experiential aspect of it. That's exactly right. And i think what made me think of this. Was there was an article. About how a lot of mental health facilities in the last few years have been redesigned. And kind of there's been a rethinking about. How do we even build these buildings. And where do we put them and the thought process was. Let's start eroding the stigma around mental health. So let's make them beautiful buildings. I some of them have cafes. Some of them have really inviting kind of commercial first floor so there are other businesses there and the you know it feels very different than what you might think about as something that was a mental health facility in the decades past but the other thing they started doing. It was placing these immoral the city centers. They used to be on the outskirts of cities and they're realizing what there are populations. That couldn't reach us that way. That didn't have access to what we're doing. And so they're putting them in city centres and specifically this. I thought was really interesting by bus stops because they felt like that. Conserve people who maybe wouldn't have access people. Who are you know. The homeless population people who are struggling with that kind of thing. They are making themselves more available. And so it's really thinking through the experience and then applying design like very physical design to the actual location and the low the actual location of the physical space to serve better. I mean this is a principle. I'm glad to hear it being used and mental health. They're going to really get some backlash from hollywood. If they have cleaned well let buildings. That are really nice looking. Hollywood was not going to know how to make their scenes. But you. I think it's a principle that retail's been using for a long time and been improving upon we've talked about you know in previous seasons But it's it's truly a what's the word. I want a holistic approach right because you're not only looking at the experience that we're talking about right the journey. That's not the physical part of the journey. But what is the physical journey within the greater journey. And how does it reinforce the brand and create the experience power using space. How are using light. Are you using smell some retailers. Do right how are you. I mean this is apple was always a big game changer. In this idea of how to use space differently than a traditional retailer yet. I always love veda because i walk in. I know i met a veda because it smells so good. And that's why there's places i avoid. Because i mean yeah because they said okay. We're going to focus on the products. We're not gonna focus on inventory. It doesn't matter that there's forty on the shelf or to what matters there's one and it's well lit and you can play with it right. Of course that's going to be different in every industry But yeah just. There's a lot of research around Space and how. It's used right and particularly light i think and i think we're looking at the experience. I think there's a lot to be said for taking these things into account and you have to take them into account early because As somebody who's built a lot of retail locations. It's a lot more expensive to change them. After the fact that is true. That is true. And i think the other thing to think about here is how you know how the journey is changing from that. Theoretical standpoint to customers are often looking for education for advice in these places instead of just a transaction. I mean we can buy anything online now so by going to a space. We need to offer somebody a reason to be there. And one of the ones that i find fascinating is One of the largest. It might be the largest auto dealer in scotland. Arnold clark clark. They create an innovation center all about electric vehicles. Because they know that's the future but they also know that people are kind of intimidated. 'cause they might not know how to buy one what's important so they create basically a place where you can go learn. You can test drive all of these things but the the emphasis is on education and so customers feel okay going there knowing that it's not going to be. How can i get you in this car today. It's more about how can i you know. What do you want to know about these vehicles. What do you wanna drive one. Do you want to experiment and explore. And i think that's another thing that we're seeing more of That's happening banking as well. Bank branches are changing to serve customers with advice and with that one on one help that they need with more convenient ways to get things done in a in an environment. That feels less. Like you're walking into you. Know a place with the big vault and people who are behind the counter and more where you're sitting across the couch from a financial advisor who's walking you through something so i think that's part of this too is really rethinking. What we believe are the physical representations of the brand. How can we rethink that in a way and to your point. Make sure we're thinking about the future so that new year. We're not saying well that didn't work let's rebuild exactly and also i mean from the standpoint of physical locations. It's how can we create experience that people want to come to yep goes we talking about resetting habits and things like this digital transformation. How much business and how much activity. Customer activity has moved digitally online. So you know we were talking about this Before everything happened and is just ramped up. Now which is what does the experience that is so good that is so powerful and resonant that it is better than the convenience of doing it digitally yep. That's exactly right. That's exactly right. Designed is going to be a big part of how you accomplish that we have to know what your end goal is before you start the design. You have to know what you're trying to achieve but design is going to be a huge part of how it happens and i think the the little tail end of this is also if you if you don't introduce who you are where people are. They might not ever come to you. And that means making sure that you're reaching out and providing the outreach. You need to introduce who you are and introduce these places. One of my favorite examples of this is so like you know super cozy colloquial but i love the idea of the book bike which is here at our local library. What they do is they have a special bike. It's loaded up with books. Mostly kids books but some adult books and they basically say. Let us bring bikes or bring books to your block party. Sign up here so they come out at the block party which is a big deal in my town. Every block has a big block party. You've probably heard me talk about. It's a very big deal. And the book bike shows up and people crowd around it. And if you don't have a library card guess what she can sign you up right there. She can tell you everything that you want to know about the library. It's such a simple thing. But it's a way to get people involved to maybe have never just visited or walked by or felt like they should. They had a need to walk in there. And i think there are other examples of that with some outreach. That healthcare is doing and different things like that to show that you know you don't you don't have to worry about coming into this clinic because you met me and now we have this relationship and now you know what we offer so. I think that's part of this too. Is that outreach of helping people understand where are you and what are you offering along the journey as well. It's just. I think it's going to be really neat to see what happens with different displays and different uses of space. And how we rethink these very kind of traditional physical environments and the types of experiences brands tried to create in the visible environment. Yep exactly so. I mean the future is now there. We go how we're wrapping it up. We're we're this really insightful discussion. I'd like to thank though we're going to drop a big old cliche. The future is now so rethink reengineer. You're thinking there you go there you go. Yeah so and if you have examples of course we want to hear about your examples to so if you have cool block parties in your town. Let us know we'll be there but until then thank you so much for being here with us. Thank you for listening to crack the customer code. You're so important to what we do. Crack the code is a proud member of c. Suite radio so be sure to check out all the great business content at c. suite radio dot com and see sweet. Tea dot com. I'm jeannie walters and you can find me at experience. Investigators dot com before more than you can connect with me at customers. That's time that results care of your customers. Podcast is a part of the c. Suite radio network for more top business. Podcasts visit c. Suite radio dot com.
Will It Work? Blockchain and Digital Duplicates with David Jarczyk of KPMG.
"Hello thanks for listening to this episode of the Gobi on disruption podcast where we share insights from inside the accounting and finance professionals. Help you stay ahead of the curve. Whatever setting you work in and wherever you do your work I'm Kyle Hannan I work in the CPA an office in the heart of London's financial district? This episode is all about blockchain and much more and even though we don't specifically mention it in the title which is will it work. Speeding tech adoptions with fantastic digital duplicate. It's quite a mouthful. The personal make it. All make sense. Is Our expert guest. David Janacek. He's based in Illinois in the USA. He principal in KPMG'S MG's tax innovation group. He's the firms tax blockchain lead his team and his particular work focuses on bridging the gap between technology. Gee Big Data and business cases as well as a user needs so he'll give us some great understanding of what blockchain has to do with the work we do in the sector Sir as lead tax and finance partner for the firm's blockchain initiative August was a founder and CEO successful intellectual property. Technology Company. Did that for for ten years. He was founded in the head of Client Services when Economics and valuation firm for about five years before that so. David is a true entrepreneur and an economist. Mr Quite literally helping to transform the way of Big Four accounting firm approach is technology and the white helps its clients disrupt and improve that normal processes ISOS definitely the right person gives us an inside track on. How the blockchain technology of today's being tested in new ways and now him and the teeny works works with the using the concept of what they call digital duplicates to pioneer new models and innovative uses for the technology that we've seen being rolled out in businesses across the world? They'll doing this by building. Small Tech enabled companies within KPMG and using these companies as pioneers of these new blend of tech disruption and bending it with commonsense business. And they're doing it in the way that can scale quickly when the time is rights and then we take it down to the practical typical core at the heart of all of this. How do we link this all to the people because without people none of these digital transformation will deliver on their full promise? So let's get started with this week's conversation David. Where are you joining us from today? Hello thank you for having me. I'm in the rural. Oh area hour and a half outside of Chicago Illinois where I live with my family so wonderful day and I'm looking forward to this podcast so David opposite quite a lot about you and the work you already doing so what I left out. What else he working on? How's it connected our topic today? Why think a connected altogether one of the pieces? That's implicit CID. Maybe not always obvious is not only is there a disconnect between a start up mentality or entrepreneurial mentality and March large firms with their cultures. But there's the expected challenges that come with that when trying to implement a startup within a large organization so one of the underlying assumptions ends is everything that we discussed today and everything my team is doing is that the startup model it can work in large firs. There's a daily effort by a smart passionate team of mine. That really work with leaders of the firm All the way through to the to the first newest insurance of the firm to ensure that there is this startup mentality and what it means for them. I think we take a step back and look at that. The question the hypothesis more than the question hypothesis offices a startup mentality can work in a large firm and not only within our firm but also our clients as well they need to accept that mentality be as well when it comes to implementing new technologies new innovations. You ideas we listened to in about one hundred sixty countries around the world. KPMG is definitely name. It's recognized nice to give us a quick sense of your particular team. That helbig Zits. We need to talk about the scale. At which you you may be working. How many offices countries do they work? Just so we get a sense of when you say large scale what it means so effectively. KPMG ANJI is a multinational organization. No different than the Dow thirty the largest firms in the world. There are offices in every major country possibly every major city and second city of every major country with with hundreds of thousands of employees globally. One of the things that our firm does which basically every multinational does is it has its own regions its own sectors its own divisions etc and within those there are teams that work to you accomplish many tasks for our clients whether it be an audit whether there'd be an advisory or in tax back office finance. That's why when you talk about your co expertise being in blockchain but coming that with the kind of nimble starter mindset. That's quite unusual when you see that used inside the company that operates at the scale that you've just told us about so. Why did you develop your skills in this direction going from your startup? Your entrepreneurial background now you've bought them into what you're doing at KPMG Kimche Halloween using those skills in the work. You're doing today frankly. I had no choice. Life just took me in the direction of becoming an entrepreneur I've been doing this for over twenty years as an entrepreneur and it's just the way that might intuition in my thoughts. My experiences have have taught me to operate. I wish check it. Say that I'm right even ninety percent of the time let alone fifty percent of the time but as an entrepreneur. You learned that you're right. Probably less than ten percent of the time and by wearing many hats an entrepreneur from CEO to head of sales to develop bird to boy accounting HR tax provider in all that. Really there's no other way than to think holistically about a problem but you're doing all of that while being broke right because Jenner implicitly entrepreneurs Moore's of broke drew entrepreneurs that is our program in the beginning of their projects so to bring that skill said in and look at how an organization such his KPMG can innovate both ourselves and for our clients. The questions we have to ask is how would I do this. If I was broke. How would I do this in a nimble startup? Ardo way away from the legacy systems and legacy processes that alone will dictate the path after we move forward and and frankly and I say humbly for someone who's been doing this for twenty years. It just implicit sometimes. Some of the most interesting internal discussions are are me saying something that seems so simple and traits and perhaps a platitude and those within the larger organization saying yeah but what are the details behind the points are not tails were part of the startup culture part of a lean startup mentality. Is You have your assumptions and hypotheses aussies and you go and you speak to your clients whether internally or externally and those clients are a handful of stakeholders and you get input put right away. Sometimes that input while this is the greatest idea in the world and then you move forward with the next step a lot of times ideas. There's no way in heck anyone's going to accept this us that's fine you pivot or you take it behind the barn and shoot the idea but see. It's just a process where you have an idea that you get your assumptions and you go I've heard funny. Stories not necessarily from KPMG but in in various readings of how other companies work market studies in excess of hundreds of thousands of dollars to see if a client wants. That's something we'll. There's no such thing in entrepreneurship. You build a Beta version. You put something out and you'll give it for free and you hope to God people like it and when they don't you change it and and that is sort of the wild west gunslinger attitude that that comes with a startup mentality. At least the way I apply it. It's one of the the mindset and sets behind the way that we put this podcast series together because many podcasts using just one host perhaps put together in the studio and what we do the association is we use a small team of podcast hosts we recalled from conference rooms. We record from offices from all around the world we we don't have studios. We don't just have one presented so there's a variety voices you may hear people talking the backgrounds. The fact is we're doing what we do because we are hard at work while we're doing this quite often you can hear that going on in the background and these are the realities of the Modern Day Day workplace and as you said when you talk to clients they are often wanting to ask two questions one is will it work and if it does. How quickly can it be rolled out? And that's exactly why we've called this episode. Will it work speeding tech adoption with tacit digital duplicates. Why is this combination of questions? The question about how quickly. Why is that so important right now? That is that is really a magic question that that accredit you with for coming up in our previous talks you know if we really look at what's happening in the marketplace place with large organizations as organizations in frankly even small startups. There's a market need to speed up technology adoption. That's it tech is coming at us so quickly in our personal lives and we believe we have ways that it can a help us in our in our business lives and yet every day at work we hear ear whether it's from used or companies earnings calls that really company that large scale. They're having trouble doubting technology whether it's getting all their data on on the cloud and that's a rather large large undertaking. Something small scale like you just mentioned allowing employees to work from from home or from remote sites or from anywhere in the in the in the country or the globe all of these issues big firms have because how did they grow. Many many legacy systems many legacy systems that take time to build by the time they're operational. Chances are things have changed. Companies reorganized companies add and remove move. Employees are like Oh employee's as you look at that cycle of business. The business life cycle things change technology needs to change with it and right now. That's the big the challenge. So there's no good answer as to how to achieve this speed. While protecting those coveted acids of the for the employees the data the secret information our hypothesis my hypothesis but our hypothesis. KPMG with innovation is by applying the startup mindset. The large firms can achieve success except spend significantly lasts less money and speed up technology adoption and by doing so on this smaller scale that ramps up quickly so so the digital duplicate is something that allows you to work at that. small-scale tested out then schedule it works. And of course you start with inflammation inflammation can inspire people information can highlights or signals potential opportunity in the future. And the minute. There's an opportunity you will find people in writing about it or putting information out there on the Internet. So I'm going to ask you to blow your own trumpet a little. If that's okay. Where do you fit in as David Garrick? And what's the particular perspective that makes you and then KPMG's approaches standout so what we stumbled upon and really we stumbled upon. Your blockchain was a technology that was out there. No different than if you do your point. Read the press fi gre official intelligence etc and our firms working on all of those but blockchain was one that I was asked to. Just take a look at agnostic. -Ly his technology that can actually help are appliance in any way shape or form that was really my mandate in I give Kudos to our chief innovation officer who said that as we started playing around with it the first thing we noticed is yes we want our perspective to be beyond cryptocurrency. I think there's a place for crypto currency. Certainly there's tax awesome finance in accounting implications with cryptocurrency. But I don't see that as being the None of no one on the team saw that as being the Aha moment the how moment came when we took a look at the underlying pieces of blockchain. This idea of distributed ledger. Multiple parties and cryptography. Dogerthy writes the able to to have an immutable ledger. That frankly no-one can can break through and we said to ourselves while when we talk to our clients in the start up methodology. We simply ask them. What are their pains and their pains are the following first? They have way too. Many data sets way league too many locations all across the globe internally let alone with their suppliers and customers number two they spend most of their time. Just check in that down and trying to get it to reconcile and number three once. They've done that. They actually have no confidence that the data they're looking at is correct or hasn't changed because that takes time to reconcile data so we saw something beautiful in blockchain which was hey it can actually act as that connection action and I always use the analogy which I don't know why it has nothing to do with age play you know. Remember the old days the old great films where you pick up the phone in the hotel in the operator would have to take a plug in plug it into one of the many nodes and on the other end. There's an operator who plug that into the another note. And that's that's how you connect telephones. Blockchain is sort of that type of technology. It's technology that links all these different data systems and our point of view is one enterprise cries can use that technology to pull together that information to connect suppliers to connect its manufacturing plants is distributors it sales force and its customers. And now you've got all that data trusted sitting in one ledger. Think of the power behind that fact about certainly they something that if people look ahead and right that potential is massive and it seems for most of us to be just around the corner. But there's a lot of hard work to do before Foale that really delivers and you started talking a little bit about the old phone systems going back in time so I'm going to do what many people possibly dream of doing in inhale rewind and ask you to go back in time and and talk about disruptions that you saw ten years ago because disruption is always with us things have always been changing. So I'm going to invite you to take us back of here's perhaps when you first joined. KPMG perhaps beforehand. What was the last big disruption that you saw so in the industry? And what would it mean for the organizations with which working back it's actually interesting So from a small business perspective going rolling back anything beyond two years ago is the perspective I have and then I've done the research in the time from KPMG perspective coming from a small business this it was actually amazing. The greatest disruption was The likes of Amazon or Google building tools for entrepreneurial development it. It used to be that you could start a business in a garage like Bill Gates. But you'd be writing every little piece of code and making stuff up in goblet side. That's that's that's true entrepreneurship development with the likes of Amazon and Google and others many small businesses. What has happened is A game changer. Basically anyone can sit down in the garage in their basement wherever it may be start coding and take it from there. What happened was it actually league magnified it magnified the ability of of the garage entrepreneur to disrupt the big players so that was already out there going going back to Bill Gates in in in that example but now imagine a Bill Gates many many years later who has these software widgets and tools that allow them to be even more nimble and quick? It's remarkable my son. Who is seven is using Lego widgets to literally make his legos flight? Up Move. Trains move cranes switch tracks and he's creating his own city and that city has its own personality based on a tablet APP function Shen. That is a game changer for small businesses. Ironically it's a game changer for large firms. Part of the reason I'm KPMG. It used to be for these large firms. Greatest disruption would come from the big the big companies. But now you don't know who's creating what in a small business as a matter of fact. KPMG AM teaches. Had a wonderful about a year ago. A wonderful acquisition of a company called Berkeley. which is now called spark started by this amazing a group of folks these amazing entrepreneurs? They were into skateboarding Into skateboarding and sold skateboards and had to do accounting. You could imagine skateboarders don't like doing accounting and there was no easy way to do so so this really smart Dude Zach and his team created accounting software for small businesses. So they can go goes skateboard. We acquired them because they ended up being something that could potentially disrupt the status quo would great great business plan so. I'm going to then use the skateboarding skateboarding term to kick push into the presence. Until about what's happening now because when it comes to blockchain which is where you do most of your work the moment who do you think it effects the most and what does that mean in practice. When I look at the possibility or the potential of this technology and again we're doing this in that startup mindset that so as you suggested in I highlight underscore bold and I tell us is? There is much much research at work to be done. The greatest benefit is gonNA come to two two sets of people. I selfishly because of my job to the large organizations when you have large organization one company name. Your the company has multiple affiliates across the globe. All those affiliates have multiple systems and those systems rarely speak to each other and then you multiply that by third party or relationships with suppliers and vendors and distributors and customers and Fedex. UPS Logistic Systems etc and the throwing governments in compliance whether it's tax whether it's sec whether it's F. A.. In the case of airlines and air airplane parts imagine a world where all of that data can be linked in one single ledger again. I stress to you that that that is the the data's worthy. RND in the greatest beneficiaries are gonNA come from the second set of people who are group who is GonNa Benefit from this us as consumers I was actually laughing. The other day I went swimming with my family. You know like a good dad. I took my cell phone into the lake and took a picture dropped the phone there. It went twenty feet down so I lost everything I went and got a new phone and here I am putting in my password to all the different APPS again for security reasons filling out dissimilar information etc etc if you look at countries like Luxembourg Sony are even Poland. Now they are running pilots that say hey users here's put your information in one spot secured by the government and it can be utilized by all those apps and securely so that you only have to engineer information one time they about the time savings there as well. Well talking your time. I need to break for a couple of seconds and remind our listeners that we will be continuing no conversation shortly as KPMG's David Janacek tells us more about how we can keep track of. Everything is on companies undergo digital transformations. Whatever technology they may be leading with hills tell us about how to ensure that the people always kept to the call these transformations and how global partners can manage the process so that no new company? No office lags behind no matter how far they may be from head office all of that is coming up later in this episode of Gubbio Destruction. PODCAST it's brought she by these Association of International Certified Professional Accountants. You can find out more about this podcast and about the rest of a wider project at go beyond disruption dot com. And if you've just else discover this podcast if you're listening to one of these episodes for the first time remember you can subscribe via your podcast APP and have a browse through our old episodes. Because that's where you find a love more about this topic as well as plenty of others. We've got close to a hundred conversations which focus on how technology is changing the profession and Joseph folks on how we it professionals are rising to those challenges how we're identifying opportunities on using our human intelligence to stay ahead of the curve talking of which we're talking to David Yoder chick KPMG. and Chicago's telling us about blockchain and how to use the concept of digital duplicates to drive arrive and speedup tech adoption across large multinational company. So David Let's talk about some examples of how you've used this startup up mindset and that concept of digital duplicates to pioneer these new processes these processes that can make sense from a practical business perspective. It's more than just theory theory. I've heard you say in the past that small drives big. So what does that mean. Let me tell you client's story story which I think could help. Everyone visualized this so we had a real clients. That have real problem a major multinational and they were having me difficulty tracking aircraft parts manufacturer from location to location. Now we can all imagine why that's a problem one for the company itself. Certainly WanNa WanNa know where your inventory is ensure safety secondly because it's a regulated industry when we're talking about all these nuts and bolts and rivets that you see when you get onto a play day every single one of those bolts and rivets every single one has certificate. Let's say for the FAA in the United States for the European Union wherever it may be the challenge was that each and every manufacturing plant had different systems and those different systems would capture the information once that piece was in their possession. But how do you link that so the client wants to solve this problem. It was open to being an early adopter of any new technology. Now historically really what I've seen happen is you do what's called. The waterfall. Approach a bunch of well dressed consultant cer- techies would come in from large corporations right right just in their ties and say listen. We have the solution for you. We're going to go ahead and build out this huge system that links everybody up immediately will call. Well it's something like a data warehouse spend lots and lots of money on this and it's GonNa work at boy. It's GonNa be great but I think we also know the stories no worries whether it's reality from from newspapers magazines in box POW never Nothing turns out the way you plan like building a house right cost overruns it's time etc problems happen so instead of looking at it in that waterfall approach we took the starter viewed. KPMG WHO said how can we solve. This problem nimbly blee in quickly and cheaply so we created a part pilot program. All it did all it did was link to individual plants science one in Poland in one of the we utilize that blockchain technology to allow we created a digital duplicate to allow those to technology systems to seek to each other. So here's the concept of digital duplicate. The old process continued the duplicate was created created to see that we can actually accomplish something and it works. We could track the nuts and the bolts in Madeira from Poland to the UK. So obviously once that pilot was created in that digital duplicate was in place we then implemented what was called our implementation plan our succession the plan and we would roll it out and the way we would roll it out is I lifted to a second plant in this case. Let's pretend that second plant was in Germany that that works as a start up now have two great examples of this of the digital duplicate working. So now you're ready for full scale. Rollout whatever the seasons may be in your plan based on regions or importance or risk or whatever it may be but you can see that those first few months of just trying this out with two we went to entities or two affiliates in three boy. That doesn't cost a lot of money boy. It doesn't take a lot of time. Mistakes will happen but they get fixed on a smaller scale. Oh and in this thing is ready to blow up into a full-fledged application that's a lot different than the scenario of the waterfall approach that I just shared with you. So that's the real story. Small small drives big. Okay so let's move from. The computer is now to the canteen. Let's talk about the people who are doing the work the folks EXC testing the processes who may be inputting the data sitting there at the keyboard and then the teams that rolling it out to the businesses is on the ground as they scale. That's over well but ultimately when you come to big business there's a C.. Suite lay sometimes sits quite far fall from where this small-scale testing is happening. So it's no surprise that they can sometimes overlook Pepsi the crucial importance of the live. Human an element that links. All of these digital initiatives. What what do you think? The C. Suite needs to remember what some of the things they may sometimes overlook when this is all happening or am I just assuming that paps. They're more out of touch than they actually are because they're a kpmg. I'm sure you're seeing better practices at Pepsi. We can learn from. Yeah I'll I'll start there. They're at a KPMG GOING FROM A Small Business Environment as an entrepreneur to a big four. I think it sounds cool but again some Disregard the amount of stress and anxiety that decision that I made. That's a very scary prospect for all the things you just said The reason I ditch you chose KPMG over other firms. There's no question that leadership the leadership that I spoke to was fully invested in innovation and and one of the mandates I received his disrupt our business literally disrupt our business. And that's the type of mentality that I believe succeeds. I'm fortunate because my last small business doubts in innovations specifically in intellectual property that's developed for a by multiple firms all across the world out and I was able to see how the teams the innovation teams worked not only with the general counsel's office but with the CEO's in the CEO's in the CEO's of the firms so I don't think that you're you're incorrect firms. Themselves are conservative for the most part. Their job is to stay in business to make the prophets and not to do anything that that loses them. Customers puts them on a business. This is my personal perspective but I believe people in their jobs are actually conservative as well so that has nothing to do with their personalized but in their in their jobs. They don't want to make mistakes. They're afraid to make mistakes They definitely don't want to get fired. This is their income. This is their livelihood so what you have is a culture that is conservative that leads to fear of failure. Your fear of trying new things. It is my absolute hypothesis. But I would say it's a must have leadership needs to show show by example. They must create that environment where people are allowed to fail. An all ideas are sacred. I've seen situations where ideas are presented presented. Good and bad and those ideas are listened to understood and reflected upon. That's a great situation because even if that idea is bad that human being will come back with another idea. You've opened the door for innovation. I've seen the reverse or the opposite. I've seen an idea being brought up. As is that person being told everything. That's wrong with that idea. Why on earth would that person ever give another idea so this must come from the C. Suite and be pushed route? It cannot come from the other way. I'll leave this with one last comment in various firms that I've worked with over the years I've had the pleasure of working with with everyone from CEOS to see all the way down to just just managers and staff and when you look at that some of the greatest ideas come. I'm from the staff as well as the middle-management the ones in the field doing the work think about the number of ideas. That are missed. If you don't listen to those ideas use that can work all the way from where we are all the way up to head office so as you've said if it's all coming together very nicely in the C.. Suite what about companies other offices across the country or in other countries in the case of a global multinational. You've got to roll stuff out so that things don't lag behind everyone's moving same pace together if that doesn't happen then the global organization may be threatened or put at risk by the slow pace of you've tech adoption of the overseas entities or. Perhaps they not picking up on new ways of working the way things may be changing head office. So how does one keep everything moving at the right speed together consistently. Fortunately I think with blockchain Adar's there's two great answers That first answer is legacy answer. which is I go back to my previous statement it starts with the CEO in the HQ and then the leaders of those has offices? I'm sure it's easy for me to say I've never been a CEO of a huge multinational company. But I believe it falls on that senior C.. Suite leadership to ensure the affiliates are keeping up. That's just my personal suggestion or or or perspective however along the way technology is is improving that allows for fixes in those types of situations they may not be the full solution but technology enables the solution so go back to blockchain. You recall them agnostic to blockchain. The truth is a falling in love with blockchain. Here's why that Technology Balaji is in subways sick of it as a big brother for a firm it sits there and listens to all the systems in place for that firm all those affiliates pilate's and grabs the information that's necessary to do business. What does that mean well? At least in the short term it means that those affiliates overseas ace can keep their processes have minimal friction to change and really keep doing business. The way they're doing while sweet works to to get them up to see in the meantime. What does that mean for the Global Organization? Well you now blockchain running in place in gathering that information. We discussed disgust that while not perfect perhaps because of the old systems it is it is a very powerful tool of information that can be used to generate anything thing from returns to sales Great customer service can blockchain identify whether things are moving at the right speed because of course course if it's a ledger alleges surely just a record but does blockchain offer something more than just alleged. Can it give one a sense of how those assets are being used. You're really stepping into a wonderful world and this is the world where my passion kicks off so we come to to going back to what is. KPMG's view on blockchain. Blockchain is part of an elegant solution. It is not the solution in an in. In my point of view. Blockchain is pulling together that information just as we discussed and then to your point. How do you analyze that information? Right how do you make decisions based on that information or even more. So how do you Instead of reacts to its power you proactive to the information. That's in there in order to drive a better business or a better customer experience other technologies other APPs in visual intelligence than it Sarah things that haven't even been created yet. Those are the types of analytical tools that can now be used were blockchain offers. You is clean. Awesome data That you can verify and you know has not been corrupted. You know what hasn't been changed to now take action on this is. This is a lifelong problem. I remember as a young young shaver with with Herron and not a great beard in college. learning in finance one. Oh one the problem is getting good data to run financial join ounces. Blockchain is offering attention to do that for companies. You talked about the risk of us in a company and based on what you've just said now. A business case may seem clear to someone who may be technical director operations manager. But let's say they understand the business case now. What they need need to do is once they've got all the INFO tech and the technological ducks in a row? They now have to get support. That reassures their managers or the director. SOLIC- sweet. That's it's okay to take this leap into the use of the new tech be at blockchain or whatever they may be evaluating. So how would you suggest that someone in middle senior management can reassure and get the support of those at the talk of an organization so that they feel comfortable to connect the opportunities that the technology offers with their business objectives tips. So we actually run into this situation with every new clients in the question is how do we ensure that buy in that supports and the answer that I continually come to is an enemy sound counterintuitive to the Nimble fast pace of A. Start up the the. The idea is spending an hour or two fronts as hundreds of hours is the back end. It's bring in all the stakeholders into is the process right from the start if you have to have those three weeks of meetings to satisfy their questions concerns queries Their legacy I see fears this March on their back from past mistakes. I think that is part of implementing. Any good new process in any culture whether it be technology adji or any other innovation and then from there it is on the sponsor the person who really wants to take place to show improved the minimal cost to test the hypothesis under a startup model and then to show again the minimal negative impacts from applying this methodology. I think what happens is we many of us have a tendency to think through the negative and play scenarios in our heads that say what at this goes wrong. What if this goes wrong? In Phnom Apartments I think answering those questions showing that under a startup. Lean methodology. There's minimal pause minimal risk. I think any of US would would would take that time and take that bat so much different than you might see in Las Vegas. Okay so that definitely makes sense from the perspective of a large corporate structure. But now I'm going to take you back to your kind of rates where you working install up some now you are working via startup model. which is setup differently to corporate because these smaller digital duplicates that you're talking king about run much more nimbly with much flatter structure made won't have a C. Suite to worry about? How much does that apply to large businesses in the future because if the digital duplicates our startup style businesses without C. Suites how relevant till they for large business with sweet? Ah there is no question that even in eighteen months now at KPMG. This is a challenge. That I even face with all the support that I have and I want to clarify. I'm saying challenge not not problem. The challenge is what happens when there is the C. Suite. Historically as you suggested a decision vision is made. The risks are weighed in an outcome happens. And you pivots or die right. That's that's a small business mentality. What happens happens in situations at large firms that we've seen is sometimes too many cooks in the kitchen? One of the greatest things that can happen and also the the worst I is everyone's passionate about innovation. Everyone has wants solution our hearts in the right place but you cannot come to a consensus on what what that solution is. Other things that take place our corporate risk. Every single multinational has its own risk insecurity procedures that require fire at and should be in place and require certain things to take less We're not take place so I think that's part of the journey. I'm still on. I started at eighteen months ago. I'm working on it within. KPMG and with our clients. And I think I still fall back on the hypothesis that you include the stakeholders from day one I think the many hours upfront. Save countless hours on the back Gand and help the project to succeed. I'll stick to that answer. How about we talk in another year and see where I'm at but sounds like could plan to me all right so let's go back to how listener because we've got people in all sorts of different organizations in all sorts of different situations working in different environments be that culturally professionally different stages of their career but one of the things that all of them will absolutely want to keep ahead of the curve in a fast changing business environment? So I'M GONNA ask for your help hip from your perspective and your Oh experience which has taken you from the startup entrepreneur world into an organization the size of Kpmg what's the next disruption the UC coming. I think we've touched upon it. Briefly with your insight that you ask your question on we now have all this data I mean and this was a problem from before all data too much data but now we have all this data in one reconcile place that was the next step bright too much. Data can't do anything thing with it now. We've got all his data and it's reconciled. It's proven it's accurate. It's it's a single ledger. Truth Holy Cow. What is the next problem? What do I do with this data? What is possible? Economists financial analysts. Take it beyond the businesses as those in public policy governments and even social welfare and wellbeing. The amount of information that is out there. However we're GONNA make it work for US answer those questions for us? And that's where I think. The the implications of artificial intelligence Internet Internet of things any new technologies. That are coming out that we haven't even discovered yet that is what's going to drive the future so assume that the RND are in deep. Project of connecting in reconciling data will be done the next few years as blockchain or some other technology Solves that problem. If if I was a listener I would say where can I be most impactful in analyzing that data because at the end of the day what it comes down to all right well. Let's talk about the impact if you wanNA leave some impact for people to take away with them at the end of our conversation. I'm going to ask you to do some signposting for anyone would like to find out more more about this topic in general but also about your work on. KPMG's work in particular with us some resources you'd recommend some websites to visit some great places to start you you might. Professor doctor hurt in finance one. One Who remains a great great mentor to me said to us on the first day of class even before I knew I liked finance. He said God. Everyone's reading the Wall Street Journal pick up the Financial Times. Read it instead. You just get a different perspective. Even if you don't believe it in that makes you smarter and it was a tongue in cheek joke but to some extent it's it's it's correct and that's not a knock on Wall Street Journal or a plug for Financial Times. What what I think he meant by that statement in what I took away from that statement is maybe instead of spending our time reading? What what the common literature says? I actually SFJAZZ US. Going to Google alerts in setting up technology alerts for everything from blockchain to five G. to Internet of things re does opinion pieces. Read the information. That's out there actually. Even read the sponsored ads. Try to come up with your own. Interpretation of where technology is going it will help you see a big full picture. And then as you're doing your work I think he just SORTA clicks I read something about this in. How soon solve this problem? I think that's the most powerful powerful thing and then I'll say something as an entrepreneur and I get often criticized the so. If you want to send me hate email please do so You know the challenges as an entrepreneur. I read startup books. Iran entrepreneurial books right business process books trying to do the best. I could as an entrepreneur and for me what I recognized was most of those books are written from a perspective of someone who succeeded one chapter talks about the hardship and twenty chapters. Talk about the success. Well I don't know any entrepreneurial story that really works that way. It should be the opposite. The twenty years of depression ups and downs owns issues. HR legal at the buzz in the systems etcetera and then the the last few years where something went weller the business shutdown. So in saying that one of my suggestions is hey. That's fine. Read any books that you'd like but I'd like to point out a couple of books that I think are worthwhile. The first one is is called crossing the chasm by Thomas bore. I think that is a book that will help anyone whether they're a CEO or the sponsor of the mid level help implement lament new technologies in a way that makes sense within an organization and then the second one is called the lean startup and the lean startup is apoe by Air Greece and it is a great framework for what we're talking about here which is a startup methodology. Don't do the waterfall but go piece by piece and and minimize costs time at risks and it is a great book so those are two sources I would super will pop links to both of those in our show notes. Now we're not encouraging hate mail. We are encouraging charging connection. So Cam people find you online so The best places to find me are linked it and it's just dion of DJ A. RC Z.. Y. K.. I'm sure we'll post that and on twitter which is at David Jacek on there. You will actually see my version of Google alerts that I think are most important as well as other leaders on connecting with both from the big firms as well as for my small business community and I thank everyone for all their thoughts that I'm allowed to it just pass on and they seemed like I'm smarter than I am. David you clearly scherer. So let's get one more Shell to one actionable suggestion. You'd like to leave for accounting and finance finance professionals will help them go beyond disruption for me. It's it's simple. It's don't be afraid to challenge the status quo. I really recommend demand people to stop being that conservative person. Go ahead and provide your ideas. Do Se do so in a way that allows other succumbs to the answer that you're trying to achieve though right Don't do so a very forceful way realized people are afraid of technology disruption innovation but by asking questions the lead them to the answer he want. You should have success. If you find that you're crazy. Ideas impassioned are being criticized. You're being punished for sanctified a new place to work that's a great place to in our conversation today and there's plenty more to explore about blockchain and how the entrepreneurial mindset can power a much much bigger organization than just a startup. So of course are shown us for links to all the resources that David mentioned and you can find those news links and our show notes simply by clicking on the episodes INFO icon in new podcast APP on your smartphone or tablet. Just as soon as you finish listening you can also open from this episode in your computers Web Browser and then click through to the show notes. You'll find everything right there. And that's on Apple Devices android devices on any computer now. They're brought to other websites. We'd recommend foolishness interested in taking this further if you're ready using the CPA store then go to college go beyond disruption or the Jamais they stole dot Com Slash Kirby on disruption. That's where you'll find courses professional development resources and webinars plus a cost. That will help keep you ahead of the curve. That's exactly what our guest Janacek of. KPMG in Chicago has been doing. We'd like to thank him. And of course thank you for listening. If you've enjoyed the episode go share it. Tell someone about it. You can even
Shipping days may make holiday shopping a nightmare (The Daily Charge, 9/24/2021)
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services develop and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more. The holidays are still a little ways away but you may want to start checking off your holiday shopping. Lists now or face. The prospect of coming home empty-handed later roger chang. This is your daily charge with us to talk about what the holiday shopping season will look like as seen. That's e ecommerce reported laura. Welcome laura travel so we should start shopping now Right so there are shortages or products that span several categories. But that doesn't mean there's gonna be nothing to shop for. It just means that there's going to be shortages in specific things in hard to see what they are right. Now there's something in particular you want. You would want to consider shopping for it now. We've heard about this supply constraints all year long. I'm curious how bad it's going to get in hall is is it can get worse just made worse by all the increased the man or is it just the same problem. That's been brian through this entire year. Well there is always opportunity for things to get worse. But you're right. There's a huge flood and demand rate now so thing are moving almost faces slow in some cases being shipped across the globe And so right. Now it's just of all the factors that have built up over the pandemic including Know early shuck. They on that led to like in production have been huge demand. Third and that triggered Chips it also helped trigger shortages in plastic but that was made even worse by the storms that hit typical coats last year leading hurricane nora and than earlier this year. The ice storm in february. So that you know made it so that there are plastic shortages and do two things that don't really have to do with over there's even Increased price in magnets which is making them harder to get so. There's all kinds of things adding up to shortages and then of course if there is a bit outbreak at port or another storm or any. You know if if another bill gets lodged in the suez canal. There's always something that could happen in the future. even more and right. Now max capacity. There's no more flexibility in like hiring and apply that the the shipping containers. We used to ship. These things are already scarce. Something else happens. That's just going to have an even bigger domino affects. Yeah i think we all have learned a lot more about what the supply chain and distribution network looks like in how fragile really is right. It just takes one one boat to get stuck in the suez canal to like. 'cause this huge pile up chuckled. More about the the shipping aspect too. Because i'm fascinated by the scenes of these these ships. These cargo ships stuck at ports. I mean like how how bad has gotten over the last year in terms of actually getting stuff onto reports not even about making or being able to build the stuff that's about physically physically getting it here right. Yeah so once. Ships are getting here especially at los angeles. Long beach is You know taking the a huge amount of the ships for products coming into the us. There's been backup than i think Last weekend there was a record. Seventy three ships You know adding ker her waiting to be unloaded outside the court there just floating in the ocean there outside the port in. That's caused spillover to go to other port. But i mean the thing is. There's just you know the those sports have their capacity in or stare going as fast as they can but You know even though things are moving more slowly to even get there than once they get there. They're still so much product that it's taking a lot of time to get everything unloaded. I'm curious because there's there's this there's all these stories about the supply shoes in folks not being able to get things but at the same time as you know. Today's launch of the iphone and millions of folks are expected to get their iphone today at if they had pre-ordered last week. I'm curious what like how it is like a couple of apples able to get their phones in like almost like clockwork havier new phone delivered on launch day versus some of these other issues that we're seeing with the shipping what these cargo ships and with just the overall supply constraints right. So i mean apple is of course renowned for Really intensive preparation So i have to imagine that you know. They have their ducks in a row. You know also is just a little bit of randomness what gets hit so You know luckily nothing. No storm hit. What their supply was coming in or if it did it clearly have had enough time to advance You know not. Every company has sort of capital or logistics Mastery that apple might have but also in other companies are taking extreme measures home biko Has kind of gotten a cargo ship that will that just paying chartered. Torque specifically for them. So that they don't have to you. Know have their have their power drills in patio furniture stacked up with you know goods from thousands of other vendors on ship that they don't have any say over so That's when approach some companies take in So people are kind of going a little bit of extremes to make sure everything works out but you know in the case of apple probably like of us who are already shopping holiday presents. It's just a bit of advanced planning and you really vices. Like if there is something that you want you know for the holiday shopping season it might be just gone by now. But what if you don't wanna do that. Somebody alternatives to by early. Yeah you know you might not want to be looking at those shipping updates every day or however long it takes to get here or maybe you're thinking this is the year to not buy something that has to be shipped from overseas so there's a lot of options of the classic you know. Make something hand made or operate a voucher for free babysitting regard care something that you can do the recipient of like There's also you know have been that make things locally Local artisans Companies that make their products in the us and we did a series that at nights. There's different ways to find those products that you know you can find them on amazon. You can find them. Just by looking at a local businesses website or their grammar page There's also an increase in With refurbished electronic than secondhand truth and. Those aren't necessarily jeep. But they're certainly cheaper than they would have been new and They're typically already in the us you don't have to worry about the shipping issues. They're they tend to be really high quality good and your spend can go a little bit further than it would have You know there's always also events and Zoo or museum or that sort of thing Anything that just doesn't involve waiting for something to be shipped from abroad right and her there of course reporting whether he products or categories of products. That you've found that might be more significantly impacted by these shortages than others. Yeah i mean it's hard to say but anything that has Chips plastic or magnets has the potential to be hit by these shortages And so that. That's a big thing. But you know when you hear about the of things that have been affected so are like there's been a tennis ball and shortage and there's been a lack of pickles so there is a bit of randomness to it. But if you're if the thing that you want is is kind of broad like i want a flat screen. Pd then probably. There's going to be a flat screen. Tv for you to buy on black friday. But if it's like. I want this specific model of you know this electronic or this toy. Or what have you than you know. You're you're getting into that area. Where maybe your child wants something really specific or you just know that your loved one would really like something. Then you know. You're kind of the play if you wait all right. Well you brought up black friday. I'm curious how or if you have any insight into whether we'll see the same kind deals on black friday or the supply issues might way into what the pricing changes might be. That's a really good question I think what i've heard is that for like commodity products. That are a little bit more entertained like screen tv. or what. have you They the council for. They're still the deals their insurance companies. That already have a good amount of stock in the already in the us. There's you know they're gonna want sell that. There's the potential for discounts there. But i did see some guidance from sort of a logistics expert Company that that discount aren't necessarily going to be driving sales this year because the demand is just so high people are spending more than usual and know it just really depends if you're looking for a deal you'll probably find one but it's businesses are looking at it. Like that's not. The only thing i need to attract so i recall the. The big craze over tickle me elmo which you mentioned in your story and how everyone was freaking out about trying to get one for their kids. Do you see that that phenomenon happening this holiday season with like multiple products across the board. Yeah i mean. It's possible that i remember that too. And there hasn't been a he in recent years one toy that like really dominates the way that wasn't did But yeah if it were to happen it would probably hit multiple. Multiple categories are toys because You know they're going to be potential shortage testing anywhere. And if there's something popular that has only gotten a limited pie in the country. That's really get the supply and demand. Totally out of whack There was a toy maker rainbow high dolls or he told a newspaper that they had made millions of dollars that they weren't sure if they were gonna get in the us in time So you know a toilet that emerged as popular that would that would really be a challenge for parents. Yeah yeah and ultimately when do you think will actually work our way out of the supply shoes like when we get back to some level of normalcy. That's a really good question. I think there's just going to have to be a increase in capacity or this demand because either the demand is going to decrease. And i think that will take a fair amount of time. Or you know there's going to be an increase of materials and workers available. Just you know. Work out those Hitches acting also gonna you know these shortages are going to have to ease up. That's actually not expected to happen for while it's definitely not going to be improved by the end of the year So those industries that are dealing with shortages are going to have to recover her for some of that to ease up But i think you know. I think things will have to balance out At some point and you know typically Demand does take a dip Either in the first or second quarter of the year A little bit out of whack last year because of the damage but if if we if we get ahead of the delta variant and people are getting out more that that demand might also down a little bit. Thank you for your time. You can check out her story. C. dot com. If you have any questions hit us up on twitter at the daily charged or sound for direct text messages for me by heading the scene. That dot co slash. Charge anti click. What you heard please rate described the podcast. It really helps us out. Daily charter charging thanks for listening.
Episode 023 Diversity and Equality Women in Real Estate
"Hey there everybody. Welcome to realty. Speak the PODCAST. Where expert Sha valuable insights answer questions and tell some real world stories that will get you thinking about how you can fine into your real estate? Investment Strategy of build up revenue realize higher returns and retain more profit when you sell. I'm your host Bill Wider. Today on realty speak. I am thrilled real to be back at the. KPMG offices on Park Avenue Manhattan New York sitting with USC Shekar and truly Shah of KPMG along with the Dean of NYU SPF Shack Institute of Real Estate. Sam Channon Bill. Thanks so much for having me on the show delighted to be here. Thank you so much for doing this. PODCAST with us today. We're very excited to be talking about this important topic. Thanks for having us again. Really sincerely appreciate you coming back and talking to us about this topic today. A realty speak fans. Yes he shoots salmon I will transcend the mechanics of real estate in favor of compensation about a paradigm shift that taking place all around US gender equity and diversity and the real estate business workplace. Thank you all so much for joining me today on Realty speak yes he you lied. KPMG'S NEW YORK real estate tax practice and Trudy you are a partner in Kpmg's advisory practice you both form the KPMG Women in Real Estate Steering Committee and authored the two thousand nine hundred Kpmg White Paper building the blueprint for Change Women in Real Estate Sam in addition to your role of NYU Shack Institute Dean and Silverstein Chair you are also Host of the Sirius. Xm Real Estate Hour and pass chief economist of Shandon economics which who founded and continue to be actively involved talking with you earliest Sam. It's obvious that you are passionate about creating the shifts. In perspective that will serve as a catalyst to empower today's female students to be the future women and leaders in real estate our listeners awaiting and great anticipation so without further ado. Let's get started trudy. Yes he gives us some background on the thought leadership paper building the blueprint for change and how each of you came to be part of the KPMG Women in Real Estate Steering Committee. Well three years ago both growth. Yes he and I were actively involved in the real estate industry we serve that industry almost exclusively for KPMG. We just noticed that you know women look to other women when they're looking for positions and they wanNA feel like there are people people like them at an organization and we also found that there was a lack of women in the real estate industry. So we thought wouldn't it be great to connect other senior leaders in the real estate industry. That are women with each other in order to help expand our network and also oh penetrate the real estate industry more broadly I would add to that too. It was important to us at the time to bring awareness to the topic for me personally and professionally. I got involved with the advancement of women. Were generally fifteen years ago. Started with me getting to know partner down. When I was in Florida we formed an organization focusing on the advancement of women on corporate boards? That was fifteen years ago so when I moved to New York. I co founded the women's executive circle of New York the nonprofit organization and just like Schutte mentioned. It was the focus. There was not just to broaden it from relationship perspective in the marketplace and a and get to know one and build relationships with women but really to look at where women were when you look at the historical trajectory of women on corporate boards. So so this was sort of a very natural transition. I had the last now. Twenty years in the real estate industry serving clients As trudy mention as well too and and so just focusing it and really make an industry specific just really rang home to me. So when did you both create the steering committee. Three years ago. We've had had several events. Obviously Sam has been involved in that and it's been a great supporter or I thought was we wanted to focus on retention recruitment Krugman and reentry it was a very narrow focus and now we've broadened at somewhat but I think that was really our initial thought. Wouldn't it be great to get women together to talk about those three topics as they relate to women and how we can make a difference in the real estate industry and it's really like I mentioned expanded from there to do what he was saying. which was the now using that as a catapult to get women on boards and to support women as they are getting more and more experienced? You're in the industry and then leaving that. In order to sit on board so our mandate I think has just increased because of the demand. Quite frankly that we're seeing across the industry and more and more women in the space so it's very exciting to see and Sam. How did you come to meet Trudy and Jesse and get involved? When I moved to New York Take my new role at at Nyu a common colleague of ours at Kpmg introduced us and we were very early in the stages of thinking about some of the the new programming that we would introduce just arrived talking to faculty students alumni? What would our strategic priorities be over the next couple of years and I think for all of us who are involved in the real estate industry who are attending conferences were engaging with colleagues in the C. Suite? You want corporate boards. The gender imbalance silence is so apparent to us that in discussing what our priorities would be one of the things that was really important for us. In leading an academic institution was. Say this this is an area where we can make a real difference. We can create opportunities for women students To enter a whole range of fields within real estate we can help to create create opportunities for those students to hire themselves with mentors in the industry. Sometimes with mentors that have been working for just a couple of years and whose experiences would be very very relatable and immediate sometimes with mentors who have been through a number of business cycles of a tremendous experience in the real estate industry in seeing how the industry trees changed over the years the work we really wanted to do Dependent upon a are being able to engage with and partner with colleagues and industry. For whom of these issues were also of great importance so that we could create a suite of programs whether it be events whether it be the mentorship Whether it be just a afford to facilitate conversation our common friend and colleague at KPMG saw an opportunity to connect the three of us. And it's been an amazing experience. Who is that common colleague? The era the common thread very often and is industry New York bill he was on your episode eighteen for Qualified Opportunity Zones. Yes but he connected salmon. I The three of US had had lunch. we were just rolling out or woman in Alternative Investment Report and we were looking to take that report was broader alternatives extract attract the real estate statistics out of that and create a thought leadership piece on that and we thought would not be a perfect opportunity to create an event around this and it was it was actually the success of that event in the feedback that we received that when we debriefed on a call we said what do we do with this next. And that's what that's really how we formed the steering committee and what was interesting quickly on that. Point is when we started thinking about a Ruben. Really GonNa have time to get together and spend time you know taking an agenda forward and incoming onto a steering committee. We made a very long list. Thought we would need one because not everyone can have time for that. And I eight women that we reached out to very interested so oh media participation immediate engagement Osam. Where where? Where were you at this point in the process I was one of those eight invitation? uh-huh the Joe. It's been an amazing learning experience for me because I was initially concerned that being in the room. Women might feel Constrained in having a very open and honest and candid conversation about some of the challenges in the industry some of the ways in which we can Move things forward and I remember asking the NFC. Is it okay for me to be here. There's some part of the conversation that I should excuse myself. And the encouraged me to stay. Hi I'm glad that I did because I've learned so much to spending a lot of time in the steering committee meetings listening to People's experiences people's thoughts John Where the industry is compared to where we were ten or fifteen years ago some of the areas where we really still need to exert a lot of effort to move things forward? I'm I'm really gratified to people to say. That have been part of it from the beginning I think. Initially we thought that these events that we would hold would just be for women but after discussion yesterday and collect. Listen we need men in the audience and men in the room. People report demand men report to women. They're they're an integral part of this. Not a women only club this is actually we a dialogue that we need to have across men and women. Yes this might be focused on women's advancement but it really has to be a holistic dialog when important thing to note. We made it very clear and we wanted to make sure that this wasn't about complaining about things and making it a very soft discussion. Everything the thing that we did had content around the industry the focus of this. It was a brown awareness to what we can do better to retain women in the industry and highlight what they're doing all expand on that the discussion around what the mandate would be the kind of conversation we would want to facilitate it being about creating visibility for some of the most successful people in the industry was an idea then that resulted not only in the steering committee but a shock. I really got US excited to pursue What we refer to as our national symposium of women in real estate so I approached a couple of our board members to say? Can we take some of this energy and create a conference difference. Shack is known for hosting some of the biggest conferences and longest running conferences in the real estate industry. We were coming up on the fiftieth anniversary of our global capital markets. Conference wanted to kick off a new tradition And this was the area that we really wanted to focus on but to say the the mandate for that conference would be exactly along the lines of the conversation that we had been having at. KPMG that it wasn't so much a discussion around challenges challenges or issues it was a platform that would highlight and create visibility for a group of extraordinarily successful professionals and then create opportunities for women at different stages in their career in the real estate industry to pair with one another. We find that there are folks that are very far along in their career. Still are excited about the idea finding a mentor to work with as well as the folks that maybe a little bit earlier in their career or or still students in the program. So does this very same idea of creating a forum creating a dialogue creating community and network network of people that can support one another Whether through mentorship enter ship that is formal or informal has really. I think informed so much of what we've done both at Nyu and with the steering committee breath so you all said that you started doing this about three years ago and of course two years ago something happened to me too. It was kind of a great reckoning in terms of you've how men and women looked at each other and how they behaved with each other. How has that played into all of this? I mean what happened happen you you know you started you were doing this. It was great. You would created the board you we're GONNA have the conference and now all of a sudden this happens. How does that play into your our steering committee and what has happened since then with your initiative? I think me too for a few moments and I'm so appreciative. Of this is is that the negativity was only around maybe for several months where I think I heard some men saying. I'm not comfortable mentoring women now because of this whole whole movement but I think it was short lived. I was so concerned when I heard this from some of my male colleagues that I didn't know what to say I was. I was shocked But they were really concerned about this but I feel like it died. It was just like how the new cycle is up and down. I feel like it hasn't made a lasting impact to successful man that are that are good people making a difference and helping other women. I don't I don't think it has yes. I've had a a tremendous and I still have a tremendous amount of mentors and sponsors in this organization and externally that are men in our steering committee conversation. I don't know that it was a huge topic for you too long. Yes there was a period of time that there's a lot of questions and focus on it. I think the conversations I had with my male colleagues not necessarily in the steering committee ways wise. They were worried about what they should say in do. They were just concerned and they were guarded. Will maybe that was a good thing. Yeah so good thing that people were. We're becoming guarded because maybe it got them to think that. Gee I really I really have to pay attention to what I'm saying. How presenting myself and because maybe I think it's benign but maybe it's not? Yeah I think so and then and then I think we just moved on from it and that's refreshing that you've seen it demonstrated demonstrated that the culture has moved on from it and we're actually getting back to what the whole initiative was recruitment retention and re entry into the workplace. And then of course everything else that that is building out of that so for the three of you going back to the beginning you in the steering committee curated did an agenda and let's get into the weeds. I want to get into the meat and potatoes of this and really understand what has been some. The results that you've experienced some stories realty speak listeners. Love stories the second may be throughout a few different topics. And there's plenty of stories or all all of them but if I start with our agenda that we set out for ourselves for the for just even the first year we came up with recruiting retention and re entry which is really around the pipeline line of Women in the industry and we wanted to have men in the conversation. And then it's evolved as trudy earlier said to women on boards. One of the things we studied in our first report with came out on our first event event was the notion of investors in the real estate industry investing with global asset managers for example and asking the question around diversity. How diverse is your organization organization you the asset manager and are you looking when you're making investments for example with others and one example? I can give when we had formed the my previous organization Asian Women's executive circle of New York. We were publishing back then. A center study and it was being followed by a nicer on announced to us us Nicer picked up the phone. And give us a call and said we've been following your report or you're not publishing it this year and his point to me where major investor and organizations and corporations and. It's very important to us so for me to look at the report and look at which companies have zero woman on board one or less was a very important so here was an organization looking very closely at investment dollars. They were providing to two other companies and really focused on the diversity aborts. I'm going to talk a little bit about an example I have on reentry. It's it's very personal for me I I had worked for a number of years and I took some time off to look after my kids and I then decided just a few short years later that I wanted to reenter the workforce. I and I have to tell you as one of the most difficult and challenging things that I had to do I had a big gap in my resume and people. We're not taking me seriously In this field in this industry and the only way I was able to reenter the workforce ourse At a level close to what I was at was really the ability to use my network and have other women support me in coming back. Back to the workforce knowing that women who were who were given that chance are going to be so loyal because they've been provided this Opportunity Shunde other women knew that about women that have been out of work and looking to come back and restart their career so I took that with me when we started talking about the women in steering committee in what are topics would be because I think like myself there are so many other women who have great talent and great experience and have had a career changing moment whatever that might be because of our other responsibilities and now now are looking to restart that and not as such a great population to tap into and I think that companies and firms Not just in real estate should look at that population of individuals. Because let me tell you they will be loyal hard working being and their extra smart and I think it's so it's so negative. When I hear that you know companies will say well you have a gap in your resume and and I think that was one of the reasons why I thought that topic was so important in our steering committees? I want to change that viewpoint that people have it is not a negative. It's a different an experience at someone had that brings a different level of experience to your firm so I think it's a positive not a negative and that is the message that I wanted to send and I want to expand on that a little bit in your experience. Truly that you had getting back into the workforce where did you find the Gate was closed was at the beginning of the process to get through the initial gatekeeper. Was it the next steps of HR was at the hiring manager. Where was is it that you feel that you were being stopped from moving forward or did you get to a place where you will one of the several candidates that might be hired for Chris Specific position? And then maybe you weren't chosen because someone else didn't have that gap unemployment. It was right in the front. My resume wasn't even getting looked looked out because I was a woman I had some children. There's a gap that's not an ideal candidate for a demanding position that might require acquire travel. That was an assumption made on someone's part when they reviewed my resume as opposed to somebody else's to say. I don't think that that person is going to be a good fit. What were the steps that you took? That changed everything. I realized that I had to call on my on my network and I never really understood the value. Oh you of a network. Before and because you had a gap in employment I mean was your network diminished or you kept that up during that period of time it was one hundred percent diminished and it was embarrassing for me initially have to reach out to my old network that I had because there had been a gap. I thought that's so selfish of me to now reach. Reach out to this woman that I knew that was in a leadership position who I was friends with and I hadn't talked to her but you know what I bit. The bullet and I did it and I reached reached out to those people and you know what they were great. I apologized for having the gap and you know what they were so helpful and friendly and that was a big turning point for me to thank you know what I this is about my career and my future. I can't be embarrassed to reach out. I did not stay connected with them. That was on me because I didn't really understand the value when I was a younger woman Now I will. I would never do that again. Just being where I am right now and understanding the true value of it but that was the turning point and a few people that I knew knew that the quality of my work before and said you know what she's going to be a great asset to our firm and you know what those Pe- those women are here here at this firm and that's why I'm here here today because those women remembered me so when you reached out to them and they responded how quickly were. Are you able to reenter the workforce within a few months. All you need is a couple of recommendations some smart women that work here and guess what you're back in. Wow that's amazing. That was really what happened. And it's and it. This is a true story and I'm a partner at KPMG. Now that was the turning point. But I didn't do that. I don't know where I would be. And how long ago was that seventeen years ago and seventeen years ago. We didn't have the ease of networking that we do today. So I would imagine that even today it could be a little the easy to re tap that network and I'm sure on those seventeen years you've reciprocated over and over again that is why do the things that I do on. The steering committee and other organizations organizations is because you know this is a true story for me this is near and dear to my heart and I WanNa pass that information along to other people because it was. It was good information for me. I had to learn it the hard way and why not just shortcut it for other people. Okay so we're talking about re entry into the workplace. Having been there already ready Sam. Aren't students coming out of college with undergraduate degrees or graduate degrees experiencing some of the same thing and they don't even have that previous network even if there's there's not even a gap to go back beyond sure I think you're listening to shoot. The example in story is really instructive for me. Because I've always seen this through the lens of the traditional undergraduate the graduate or graduate student and quite frankly the difference here is that for that traditional undergraduate a graduate student the entire infrastructure is in place all of the support mechanisms ECHINACEA. GMS To help you a meat employers to build your network outside of the classroom all of the CO and extracurricular work that we do is really designed designed to help the student that as you described but may not have that network. Because they're coming through UNDERGRAD. This may be their first job. Those support systems are in place. Ace I think what we've done over. The last couple of years has been to expand upon the general foundations. That are there to support students to say the water. The things that we we can do to support our women students in particular in leveraging the network of women professionals in the industry here what is described. His really forced me and others to think a little bit more broadly beyond the traditional undergraduate and graduate student that at various points during people's career they will face different kinds of challenges inches and when we look at the real estate industry what we see is that at different stages or different levels of the organization. The degree of gender balance can vary pretty significantly and we have to better understand. Those dynamics. There are also some areas where we've seen some really exciting developments over the last couple of years. We were briefly briefly discussing earlier women serving on boards and some of that because of legislative action in parts of the country. But I think more important than that really being driven driven by the demands of investors a we have over the last couple of years seen a larger number of women appointed to the boards of real estate investment. Trusts than we've ever seen before and it's not just it is in fact it is not really about simply making sure that we are being more inclusive. For the sake of inclusivity I think there is a much broader recognition than there has been historically people being able to bring a diversity of experience and background to the Board to the C. Suite to every level of the organization helps to inform decision making The deal that you're about to undertake you get a wider arranger perspectives and it also opens up a whole range of deal in investment opportunities. That you may not have had access to before Filmar was On Your Eighteenth Episode Discussing Opportunity Zones. I think we have certainly organizations within the real estate industry that have a strong desire to deploy Roy Funds in opportunities zones but where most senior team perhaps has an incomplete understanding of what the needs are of the communities that they wanna now invested lasted. That is just one example of how having that diversity of experience and background a cruise to the range of opportunities that firms have access to everything on the academic side. It was. We built up the ranger programs that we offer to support our women students and connect them with working professionals in the industry. We're also thinking really hard about how it is that a weakened leverage our unique position in the market in being able to in particular particular. You bring together folks who May During the day be at competing firms but who share a common interest Who share a common the desire to support the other women in the industry? How can we leverage our position? Our resources our platform to then create opportunities to support women who are thinking about re entry one of the things about the story. That is a most important for me to be considering an and for others is that we're going to encounter situations where someone might feel like. The quality or act level of activity of their network has deteriorated in the couple of years years. They've been outside of the workforce. Some folks are going to feel some hesitation in reengaging that network in the in the way that shirts described. That can be daunting. There should never never be a stigma for anyone. WHO's thinking about? Reentering the workforce after a life event. Are there things that we can do to support folks who otherwise might might hesitate to reach out to that person that they had had that strong relationship with five years earlier or six years earlier. Because I think there are a lot of women in the industry tree that you are as truly described very keen to support other women that are reentering. How can we help to connect them with women that are are coming back into real estate? I think smart firms are understanding that and you see more and more women on the boards because they want that diversity -versity of thought they want that on their investment teams. They want those ideas so I think if you want to be successful. I think those smart firms are recognizing not hot and looking outside of their normal network to hire I don't think it's across the board. I think it is hopefully getting there and we're seeing being more of it. It's certainly not where we wanted to be but I think they're smart. Firms are using it as a business at Antigen. The driver is business advantage. It's not diversity to your point Sam for the sake of being diverse. It's it's capitalizing on a business advantage. I'm glad you bring that up because you're not going to hire people of specific specific segment of the population. Just because you're trying to create diversity in your organization you also need to get the job done. Yeah absolutely for example. If you're a real estate it firm who invest a lot in the retail industry. Let's say here in New York and you have the same type of individual on your teams that are looking looking to make other investments or divest. Is that really the right answer given you know what is the consistency of retail here in New York or should we have a diversity of population because New York is so diverse and the way people use retail is so different so it doesn't make sense that your team not only has men and women but of all all kinds. Because that's how New York is and that's how New York utilizes retail so to me if you're a read that specializes in retail. It's actually important and imperative for you to have that hype a team. I will not forget that conversation. At your annual symposium this past one of the lady from Goldman Sachs who who ran their urban development business and it was such a great example they were making a big investment an area that was very diverse and the folks such showed up that day to put this business plan or a really assess the situation. We're not we're not diverse single person. And she she just said she walked in and said are you kidding. This is how we're going to engage with community and tell them what they need. That really stuck with me. But it's a perfect point. What was the outcome of that? I think she changed up that team. I think should traditional quick little break here rilke speak fans we cover so many topics on the show. There's plenty of great information and strategies that you can use but sometimes you may need more than that therefore I'm here to personally help you when you have more questions around buying or holding or selling or financing your valuable apartment building real estate every transaction is different and so are the people involved. A successful outcome will depend on the execution of proper planning with decades in the industry in the areas of brokerage construction debt capital on appraisal. I can professionally guide you at any point in the cycle of acquisition your existing portfolio or the sale of your multifamily multifamily mixed use real estate. Call me it just that easy to get the information you need to know when you need to know it now. The number it's nine one seven two three two eight five to nine. What else can I say? Real estate is in my DNA and now back to the show. We're talking a lot about organizations and firms and the real estate industry. Let's be a little bit more specific for our listeners. Are we talking about institutional investors. Are we talking about private equity companies. Are we talking about family offices. Let's talk a little bit more about about where this agenda has actually worked the thing. It's all of them in different ways. I think you've got the investment community which includes your big Mega Fund investors stors your sovereign wealth funds. Your pensions all looking at making investments in real estate through either direct investments or through asset managers. This this is an agenda that they're also driving because they're being asked to or because it's important to them as well I think it's all areas and angles of the industry I think the clearest articulation Shen around this with the pension funds and you know that again reflects the nature of the policy holders whose pensions are they holding and it's expressing basing as you'll clear mandates requirements around diversity with an inclusiveness with the GP's that they're investing with. I would agree. There's a mandate I was talking talking to some pension fund investors and and. She was telling me that there is a clear mandate. She wants to know who is making the decisions with the money that she is allocating allocating to that real estate firm. She wants to know. I think it's also the family offices and I was having a conversation with the big one here in New York who who basically said and we were talking about. Why is this conversation coming up? Why is it important and you mean she was pretty clear and made a lot of sense that it was generational? Historically that wasn't a big focus but as the new generation takes over these organizations and these family office says it's it's more important to them in at the forefront in the real illustrate industry when we're thinking about what kind of properties we wanted. Develop millennials are a good example of the nature of this change because we sometimes of the discussion of millennials well sometimes describes the cohort as if it's homogenous you know. Every millennial has a very particular set of preferences that relates to their wanting to live downtown close to their favorite amenities. walkability becomes important The amenities in the building. If it's residential property where in fact millennials are the most diverse demographic in US history and Represent a much wider range of preferences that I think we commonly acknowledged in some of of our of our discussion and debate within the real estate industry. So as time goes by and you have people that have been in the industry for quite some time like myself for instance and you're not necessarily in that demographic. What's that demographics perspective? What are you finding because there are people that are very very experienced in the industry? Maybe women may be. Men may be culturally different. How is the generational perspective playing out there? I think what we look at the leadership of the industry When we look at the changes in the boardroom with real estate investment trusts I'm encouraged by what I'm seeing and I think that whether it it relates to the importance of gender equity in the organization whether it relates to the way in which we meet the needs of and include? LGBTQ AMERICANS In our organizations and the way we develop and think about the development of properties and introduced into the market that we are in a different places and industry than we were ten years ago. What about people that are in different age demographic you still have people that are probably two generations? Away from the millennials that are still in the workplace. I think those folks are really smart and they understand that. Fifty percent of the workforce and twenty twenty five is going to be under thirty. And if you're you're in the office space for example that is that is where you invest. Those individuals are not looking for big offices they want more collaborative rid of space. So guess what you as a real estate professional or we're going to have to understand that that is your buyer that is who is looking Those are the services that they're looking looking for so there's a shift. There's a big shift I think so. Have you contrast that to like senior housing senior living you. I mean anyone who is developing being real estate or in a entering that sector for example you have to understand you know that generation senior housing. They're looking for amenities also so it's an evolution Chen professionals in that in this industry spending money and understanding that and understanding what that future looks like is going to be is critical in understand where they need to make their investments over the next five ten fifteen years right and I think what you're describing in the shared economy by design. You know the shared economy is one where you will interact with folks that have different backgrounds experiences. That aren't necessarily going to look like you or make decisions in the same way But it's apparent to all of us that the way in which as you describe we work play. Live shop is evolving and the smart real estate firms. Arms are the ones that are adopting to that and want to set themselves at the cutting edge. Another important element is millennials or younger generation. I think this generation in recent is so much more socially conscious environmentally they're also looking for amenities regarding environmentally conscious footprint reducing in buildings whether they live in them or work in them and as they get older and our buyers of real estate. That's going to be a critical element that that developers are going to have to look to understand. And make sure that they're at the forefront of they want to spend their money in socially responsible responsible ways and you're seeing that even with their investing that's why es G. is is up everyone's talking about how to invest in socially responsible companies and having funds that are socially responsible so that they can cater to a group of individuals that that is so so important for they don't want to just invest and make money they want to invest and make money and feel good about it and what's the environmental social governance and it is a classification of investment that you know pension funds or the individual investor can look to invest in. And and what that really means. Is that those particular investments. Whatever they may be have some social impact meaning they do they do good for the environment? Or they're they they're organic or or something to that effect right where they are reducing their footprint on this planet so the more and more times we are seeing a demand for investments like that and that bleeds into real estate right real estate office space. Ace that makes less of a footprint uses environmental friendly windows are Leed certified qualified opportunities zones. People want to invest in qualified opportunity zones because they feel that socially responsible to do so. But I'd add on the ESP front Particularly as relates to the sustainability of buildings themselves elves is that part of the impetus and part of what's allowed. I developed momentum over the last couple of years is a repositioning of that conversation away. Okay from the specifics. Of How do you feel about issues. Like climate change the importance of sustainability. Those are all important for all of us but focusing using for the investor on the bottom line and how ultimately you know an energy efficient building is one. That's more profitable. That's a very valid point. I mean it's all about the bottom line you want onto earn returns on your investments. We've talked about the agenda of the steering committee and some of the changes that have taken place. What was it that actually drove the agenda? Did you do a survey we did. This is the second survey that we've done. When was the first one? The first one was back in two thousand sixteen and that one was a broader alternative investments report and we extracted the real estate report results. We just sought the real estate respondents of that report and we use those results and had our first event this one that we just published in two thousand eighteen was also the same MHM woman in alternative investments had over eight hundred women and men that responded to the survey and we extracted. The results. Were real estate specific and and we took the angle of recruitment retention and re entry to write this piece specifically because it really aligned to our agenda for the steering committee and we look at the. We thought that'd be interesting to look at the stats specific to each one of those and the respondents themselves where they do the broader report is made up of hedge funds and real estate funds and Private Equity Funds the real estate respondents are made up of public and private rates on managers institutional investors a bit of a mix. So what some of the results. So if you just look at some other results in you know when when it comes to recruiting sixty nine percent of the funds I did not require a diverse slate and we talked about this earlier as there was a recommendation and something that we hear a lot of the advanced organizations who are really looking to make an impact Tauron woman whether it's candidates or retention of women their organization but seventy percent do not that means only thirty percent. Do so when you identify something like that. You identified something that needs to change their organizations that are having more success with women candidates and ultimately recruiting women. Actually actually take an active role in looking for diversity. And Maybe Sam you can touch on you know how. NYU plays a role on that too. Because we oftentimes even reach out to Sam if we hear about at one of our clients who's looking specifically for female candidate whether survey results that leaned in the other direction where organizations were taking a proactive if approach. It was more generally slanted to organizations. Not being proactive about looking for diversity when it comes to recruitment so the steering committee still has a lot of work ahead. mm-hmm we do and I think one of the things we do well as at least talk about the topic and bring awareness and many senior women that we have our forms in Assam's annual symposium also really focused and talk about this so I think you know hearing about it and the impact that it makes a difference that it makes is important and yes stance your question it. There's a long road ahead. The biggest and I think actionable steps are important. That's one of the things that we've talked about in our broader programs that we've put forth which is how that's great that we talk about it and we can all not our head and acknowledge that. Oh yes this is a problem but there are some firms that are doing it really well and hearing from them on on how. They've actually been proactive. In changing that process I think is important for other people in the audience or whoever were talking to to hear that. It's not going to accidentally happen. That you have fifty percent women fifty percent men in your workforce. It's not going to. It's not going to be accidental. You're going to have to make goals and be very proactive. And be very methodical in your approach to get there if that is important to you and what we're saying is we. I believe there is a financial impact to you if you decide to go that way. So positive on both ends least anecdotally. I think we've seen over the last couple full of years meaningful improvements in this area so whereas in that initial survey only a small number of firms indicated that they had a requirement around a diverse slate. We see many more firms. Today you know expressing a strong interest in engaging with us in ways that give them opportunities to connect with and meet and develop delve networks with a diverse range of students whether it be undergraduate or graduate. So I think that's really positive there's some self selection here because I think through our work with KPMG KPMG through the symposium. We also communicate very very clearly in our industry. Engagement and conversations with employers would our values and expectations. Shins are. The survey had three priorities. And we've talked about the first one which is recruitment what about retention and re entry interesting results on this one too. We look at the survey ninety percent of the funds that we surveyed led by men eighty five percent of them do not ensure women have access the sponsors although fifty nine percent of the funds do have women investment decision making roles seventy-seven percent of them answered the question that of their investment committees by ninety percent of them are represented by men. We're focused on in this category of the results that we were looking at were around program initiatives within the organizations to really try to retain women are diverse candidates ended. It's great to have pretension programs in the question we always have is. Is everyone embracing them. And I really being effective with with what we have. And they're I'd add when students are on the job up-market. They're pretty savvy about the stuff they are going to hear from lots of firms that are going to communicate the importance of inclusive and diverse recruitment process. But they're going out there and they're asking the questions to find out what's the culture of the firm. What kind of programs are in place? GS's point are they programs that really we are reflective of the overall culture of the organization. Is this part of the DNA of the firm and really going one step further becomes important in being able to recruit if you really want to have women in leadership positions and you see the percentages are not great. Obviously Veasley to Jesse to your point you have to retain them and how do you retain great women You lose them in droves kind of at the ten year Mark Right Right and a lot of times you lose them because they've had a life changing event. I'm going to be very specific. There is an example of a young woman that I knew she took a maternity leave. Came back to work after her first child. She was on a meteoric rise at her firm and when she came back you know there was in unconscious bias that she no longer wanted to work late or she didn't WanNa travel so she got put on projects in deals that were were not the top of the house like she used to be on before but she was on ones. That weren't quite so important and maybe not as relevant as some of the ones that she was working before so in her mind. It was like well. If I'm going to leave my family to do this job. I wanted to be relevant relevant where I was before like I still. I'm still an a game person but I'm not treated like one anymore. So she subsequently left that firm and went somewhere somewhere else where they valued the fact and they didn't have that unconscious bias and she made it very clear that yes. She does have a family but she wants to work on the bus chills and she's not scared to travel all and she's not scared to put in the hours and she can manage and don't make that decision for her. This is an important story for people out there that may be have women or for men on their teams that maybe their perception is that you know they've had a life changing event and they can no longer do the job that they were doing doing before well instead of making that perception maybe just ask them and say what is your objective here and what is it that you want to do instead of you know you've had at this event and I don't think you can do it anymore because maybe you couldn't do it anymore and that's why you have that viewpoint that's what we're trying to share. When we put out our programs programs about retention is just give these types of examples so that people in their mind the next time they're dealing with somebody they can maybe remember this story and say say you know what? I'm not GONNA do this. This is an unconscious bias that I have about working mothers or or men that have elderly parents or whatever it it may be and I'm not GonNa have that unconscious at. I'm just going to ask and I'm really trying to be open about it. I think both of those points are really important one. Don't make the decision for me. Engage gauge with me and conversation but after monitoring must be so frustrating for the person who finds that all of a sudden they're assigned to apparent track. I'm an assumptions are being made about their capacity ability willingness to take on that next big project and to commit time in the way that others would I think it's also important for firms To be able to build in. You know an element of flexibility to accommodate for folks that you do. Have you know families your other point about conscious versus unconscious bias. I think is a critically important one as well because I think every firm hope every firm is going to be able to articulate the importance. Horton S- of diversity in recruitment hiring retention the capacity of that firm to look at its own practices and say where do we have systems in place ace that maybe are inconsistent with the goals. That we've articulated. And how do we. Then you'll make adjustments that becomes really important and that's where I think we see the next step for a lot of firms out there. Everyone's getting on the right page about the importance of your recruiting that diversity background and experience but are you actually have have. Have you addressed some of some of the structures that you might have in place that are making your more difficult for folks. One interesting result of the survey was on the point of unconscious bias. This was ninety. Two percent of the respondents did not have that type of training with respect to the people that are making key decisions and that was important to see in a very important topic As we talked about and the larger the organization the greater amount of people let her in that hierarchy and so the leaders at the top making sure sure that they understand what the people that are reporting to them and reporting to the people beyond them that those people do have this training and that they do understand understand that they shouldn't have either a conscious or unconscious bias about how somebody performs and that's really more about America crecy than anything else and refining mining. We are a global community now because of the ability to communicate with each other That we didn't have you know twenty thirty years ago people for beginning to become a little bit more conscious. It's not just about how I see things. It's about how everybody sees things and if we allow oh ourselves to listen to the other person's perspective at the end of the day we probably create a a better organization because there's so much more thought leadership into the input that goes into making the decisions. It raises an interesting point about the globalization of the market every large institutional or investor or asset managers. Investing globally. Forty percent of. Our students are coming from abroad. Awed many want to remain in the United States for a period of time many are very eager to take jobs and responsibilities and other parts of the world. We do see tremendous variation in cultural norms. The extent to which firms are focusing on this issue as we look around the world old so far so good and we could really go on forever. But WE'RE GONNA wind up our chat today and I have a final question. Yes he sh- rudy Sam If you woke up tomorrow and something in your particular sector of the real estate space had changed forever. What do you wish that would be yes to me? It's that we don't have to have a discussion around diversity and that everyone is just focused on the real estate industry. And what they're passionate about. Trudy my wish is that when I walk into a boardroom across the US that fifty percent of the composition of that boardroom is women and fifty percent sent his men and that would mean that recruitment retention and re entry were successful. Sam I'll second true theon. Yes he's comments hence. I think the end goal here for all of us is that we don't need to have an active conversation about how we make the organizations the firms are industry more diverse. Well Sam Schutte Ese. That was superb. Exceptional and I have a feeling you're going to be more popular than you already are. So please share how realty speak listeners. May contact you you. Yes to contact directly. You may email me. My email addresses why S. C. H. E. K. E. R. AT KPMG DOT COM. You you can also find me on Lincoln Andrea Sunny Shekar trudy. I can be reached by email S. K. S. H. A. H. AT KPMG DOT COM and similar to Yesi. I'm on Lincoln ten Sam like Yes you can find me on Lincoln. You can also find me on twitter and at my website. sam-chan dot com realty beat listeners. I'll put all that in the show notes. So if he didn't have the chance to jot it down to worry about it. It'll be there. Well I want to thank all of you for being here today bill. Thanks so much for hosting us for this important conversation thanks. I really enjoyed being part of this. This was so much fun. Bill thank you so much for having us today really enjoyed talking with you Sam as always intruders as well. Well there you have it everyone. Thank you for listening. I look forward to you joining me for the next episode realty. Speak the PODCAST. Please subscribe you can do so on the website. Just go to the PODCAST S. page on the website and there is an opt-out option on the top of the page or search realty. Speak on your favorite podcast APP. Like podcast republic my Fav- on android devices or apple podcasts. For An iphone find it open. It hit subscribe and urine and please help realty speak grow by sharing the show with others from the website player. Just Click share and choose your preferred social media platform and of course like to talk about purchasing selling or financing investment real estate access past episodes. Were just chat. You can contact me directly via the website at Bill. Weidner DOT COM. That's B. I. L. L. W. E. I d. n. e. R. DOT COM and remember. It's not about us but how we help you make the bottom line rise until next time.
Apple unveils the iPhone 13: We break down the key details (The Daily Charge, 9/14/2021)
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services develop and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash. Trust to learn. More apple unveiled a new iphone thirteen. Let's break it down. Roger chang the daily charge with me to share his impressions and thoughts on the new iphone is senior editor insurance. Welcome in how you doing great. So let's let's break it down because there's a lot to talk about first off. What are your impressions of this phone. Which looks pretty much identical to the last one. It definitely does look. I think what is important to keep in mind when we think about the iphone. And what i what we like to call the s. years right. The non major physical change years is that a lot of what they're trying to do is change under the hood so for example the battery life is better which is by the way still the number one complaint people have about their phones generally. It's got a better camera. Another key thing. People tend to upgrade for including myself. I've written about this on cnn. I've got two young kids. I like to take photos but are being bought a boom and finally also upgraded the the screen now. This is less exciting. But you know it's able to do what they call promotion which is one hundred and twenty frames per second or whatever but i think what is interesting result also is able to actually it changes. The amount of energy of though screen is using at any given time so that it can actually even get more battery life which again goes back to that key. Things so apple very much is trying to answer a lot of the complaints here which is a smart idea. Yeah definitely and keep in. Mind that i like you and i who keep tabs on apple constantly. We look at these phones year after year. The folks who are most likely to upgrade have probably been holding on their phones for a while so to them. It's obviously a larger upgrade. One literally have a friend with an iphone. Ten who's planning to upgrade. Yeah right 2017. Law i think has an iphone six with a cracked screen. He just waiting for something. We'll talk about the camera because you talked about that just like you. I've got young kids. I love taking photos of them. I'm like that's my justification for buying new hardware is like where's the best camera. And where can i can. I use this shoot my kids. What what are some of the new bells and whistles on the camera systems on both the twelve and or sorry thirteen and the thirteen pro. And pro max. The two biggest changes are in the amount of light. The camera takes in on both the the entry level and the higher end ones the pros and also the video. So with the amount of light it takes in supposedly. It's going to do a lot better in low light situations and Because it takes more lights it's also going to be able to do fast situations. Better right you're going to have less likeliness of a blur if your kids are running which all of us have had that happen. So that's that's a really big benefit. The other thing is that when it comes to video. They are really trying to figure out okay. How can we make the video. More compelling right and so for one one example is that they've created this system that can actually change the focus kind of in a very smooth way. That feels very cinematic as you're looking through the video and as you're taking video and look maybe it's something that will be compelling. I think a lot of parents like you. And i are just taking video from you know the sidelines of the soccer game or You know when we finally get back into the auditorium for the for the school plays but still again it kind of adds to that whole argument of this is a device that can be central to your life and something you can rely on yet any other. I mean talking about battering camera. I think those are the main features. I guess i did wanna talk of the notch. Even though apple itself did not mention the not there. There were some rumors that it was confirmed that the notches and they didn't even refer to it. They just sorta referred to the counterpart is twenty percent smaller. But like what did you make of that. I mean. I think you're trying to do whatever they can to make it less annoying but at the same time i don't know about you. I watch a fair amount of video on my phone these days. I don't really notice the notch anymore. It used to be annoying because you know it's kind of like that that she can't scratch for a while and then and then after a while it just kind of like stare. you know. it doesn't really like it's very rare that that part of the screens being used by the video anyway. And you can zoom out if you want if you're really bothered but it really hasn't mattered much to be now. I also have a max right out of the largest screen so a lot of ways. I don't have to feel it as bad as someone who has like a mini up right but still it. I don't know. I think that a lot of people who use it of all the things people bring up to me about their iphones and covering apple was hung as i have. I get them all i have. I have so rarely heard about the notch aside from my nerdy friends. It's not even something i think about. Yes my my point is like they talked about it being twenty percent smaller. And really if you look at it. It's hard to tell the difference unless you stack it side by side with with an older phone. And i guess my question point is like. Did they need to do that. 'cause like it's still a notch and it's still going to be there. It's going to be that itchy can't scratch and yes we've all learned to live with it but it's still there especially at a time. When other companies like samsung and one plus have found ways to reduce or eliminate the notch. Altogether like does that twin percent even matter. Yeah i i really don't know i think in a lot of ways. Apple is trying to as many checkmark boxes to the feature list as they can. you know. that's that's how you sell something right so there's something to be said for that. I think also they've seen how the reaction to these notch. Lewis phones has gone and they've seen for example that a number of the cameras that are underneath the display with some of the competitors out there. They're not able to take his nice photos as the selfie camera on on on a on his phone. That doesn't have an under screen camera right there just not able to do as much i think. At some point they'll find a way to get rid of it. But i'm not convinced that it's even something. They're focused on anymore. I think you know they could get rid of it little bit by little bit all the time and just have it beyond the box. Yeah we got rid of another twenty percent. Aren't you loving us. And they'll just go on like that while beyond beyond that generally look this phone does look pretty much identical. I'm curious comes in pink. That's cool that's different from purple right. You're right per pink is a different couples. I like purple purple. Take them unless a fan. But the phones are virtually identical. I'm just curious what you think. And we're in the realm of speculation near like how much supply constraints had an impact on. Just how creative or how. Experimental apple could be with this model knowing. How apple is handled the s. years in the past right the iphone six s the seven s and just kind of how people responded to it and whip that in kind of had this very loud yawn on the internet. I'm not convinced that much changed. Honestly i think maybe there was. You know there was a lot of rumors about the satellite capability that supposedly could talk to lower satellites in an emergency situation and that chip may still be in the phone. We don't know for sure just may be turned off but the reality is that even if that's something that they push to next year so the reality is that i think this is just the way that they go that they always go for the refinements and figuring out. How can we take this money that we save by not having to redesign the case and apply it to okay. Let's put a ton of money into the camera this year all right. Let's put a ton of money into the screen and or introduce a new face idea. Whatever right and just kind of come up with ways to answer people's complaints rather than revolutionize that's just that's their game and i don't think it's changed much even in the face of the pandemic. Yeah that's a really good point Wanna bring it back to the camera and we're talking about snapping photos in the camera itself but Time of video What you hit it out earlier like totaled about cinematic mode and what that does i guess for amateur directors. What what that might be able to enable them to do yeah. I'm really curious to see what people do with this. I mean there's a lot of talk already about the idea of having having people take videos and doing really hollywood level movies on the phone and we've had a couple of movies that have you know gotten attention that were done on the phone but generally speaking you know. Look them apple getting a oscar award-winning director to use the phone and do amazing stuff with art by the way is is it's you know it's worth something for sure but you know you can take a professional photographer and give them the cheapest camera out of walgreens and they will take amazing photos. Like part of it is the skill of the person behind the camera. So what's the point here. The point is that apple is really marketing the camera they're not marketing it as the next thing in hollywood. Yeah maybe it will. Maybe the talkers in instagram. All they'll find ways to really make it something but the reality is that for you and me. We're looking at saying. Oh i could be the next next oscar winning director and i'll do it for my kids. That's amazing and that's that's how apple gets inside my wallet all right well any other features. I know you've gotta run soon. But any other features that are worth noting the fifteen by chip extra. Gp euchre's i mean some of that stuff's contact ical most consumers don't care anything worth noting. I think you know it. A lot of people kind of look at this and there they turn their nose up at it. But i really think that the way that apple is pushing on its recycling is interesting you know. I went to see their recycling robot back in texas a couple years ago and i was i was. I was questioning it right. I wasn't entirely sure. And i think what's interesting. Is that slowly. But surely they are showing that they can actually take part these phones in reused parts of them in the new ones and having one hundred percent aluminum a recycled aluminum bodies. The you know the the tin for the solder is now one hundred percent recycled. Some of the magnets are as well for rarer minerals. I mean this is. this is making headway. Now there's still a ton that they haven't done and you know they at airports are a great with that. But you know getting getting closer and closer i i have. I have faith that if anyone can do it. Apple's probably going to be one of the companies to do it got it well. There's plenty more from apple then we're going to break it all down in the next few days in. Thank you for your time if you have any questions. Hit us up on twitter at the daily charge for text messages from me by heading to see that. That's you slash charge which heard. Please subscribe to the podcast. It really helps us out the daily charge. Roger chang thanks for listening.
Nintendos OLED Switch brings big changes, but is it worth the upgrade? (The Daily Charge, 9/27/2021)
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services develop and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more. Would they large. Ola display and redesigned. Kick stan nintendo has a significantly upgraded switch after the holidays. But is it worth upgrading to it. I'm roger chang of the daily charge looking to talk about his early thoughts and hands on impressions with the new switch. Is that gaming empty editor. Dan ackerman welcome dan. Hey there nintendo thi this a few months back but you finally got your hands on the. Let's switch what were your first impressions from handling of the new console. It still very much like the original console. Nintendo had a couple of very small hands on opportunities to actually see and touch it. But as soon as you turn it on you can see even though the size of the body is about the same. I think it's dismissed longer. It feels like there's a lot more screen there because they've shaved down those screen basil's around it and of course the screen is an all screen so it feels much more modern just like on a new phone like this goes right to the edge. You're much closer to that with this version than with the switch of the switch light and size wise. I mean if you look at it dimension wise. It's not a huge difference. I'm curious if you can. You can tell right off the bat or do you really need an older switch next to it to serve see the changes in how significant it is. Yeah you would not really pick up on the size difference. Do joy conjure the same they slide in the same at it fits into a very similar doc in with us the old was a new doctor interchangeable. So do the mentioned very very very minor got. You mentioned your story. That isn't the ola display. That is the game changing feature. It's something else. What what is it. That really impressed you about this new switch. It's true it's true listen. Having led screen is great. But we're really got me something. I haven't really realized that. They redesigned the kick. Stand on the back of the switch. So when you're using it out of the doc you wanna put it down on your table in front of you. You wanna put it down on the aeroplane see back. Trae you want to either use joy constant attached to take them off and hold them in your hands or have another controller of the kick stand on the rituals which was terrible this little thin like point six inch wide plastic strip that only open to one little angle and just all over the the thing would come off in your hand so the new cake stand on the lead switch is kind of like the kick stand on the microsoft surface. It goes all the way from one end to the other and you can bend it just about any angle and it will stay where you put it and that is such a step up now. It should have been like that in the first switch. But you're gonna find it's much easier to play with this sitting on your dining table your coffee table anywhere where you just want to set it up and have it like a mini tv with control yet that that prior kick stand that dicky little extent i know it's flown off me. It's it's a constant irritation. I'm always worried it's going to snap off completely from italy. We'll be able to snap it back on beyond the kick stan and the display any other differences with the console whether it's inside it's got the processor. The joy cons are pretty much the same any other differences enjoy. Contra exactly the same. The internals of the system are exactly the same in all switches. Now you can use bluetooth headphones. Finally thanks to a software update so that's across the board that changes how many joy khandu can use wirelessly at once. But that's generally fine. The other big difference is the doc which. I didn't get to play with but but i saw it loses a usb port. That is on the current. Doc that you've probably never use and it adds an ethernet jack that you also probably never use so other than that. It's pretty much it you know. It's it's they already got people who bought a switch to go buy another switch a year or two later. The switch light is it. Oh you love the switch. Take this with you now. here's yet another version. So they're trying to number one. Get the handful of people who don't have switch yet to entice them with some new cool new feature but there's also no nintendo diehards that will buy every version of this comes out. Yeah that's a great question. Because i'm curious for maybe not not this is for the diehards but for someone who owns a switch already save save myself or many millions of folks who already own us. What do they need necessarily need to upgrade to this alette switch. If you're just bought a switch last year six months ago you four. You're happy with it crate. I don't think you need to upgrade if you have the light but you really want to plug it into the tv. Obviously you have to get one of these with the doc you know. I have a day one switch from when it first launched and out of just idle. I dunno whatever. I did preorder one of these old ones and after playing it in person. I'm feeling pretty. Good about that preorder. Although frankly i don't really need it. If you wanna have a lot of families discover they want to have an extra switch. Now's because people like to play against each other or the kids want to use it. And the grownups want to use it. So if you're coming in fresh or you need that second one. I mean there's all its cream is pretty oss. Okay well and the obviously with the other councils. Ps five xbox one. They had been hot products for the last year. There are still issues with shortages. Do you think that this will run the same issues. I'm assuming this will run into a lot of the same issues that said original switch came out even though we were not in the midst of a chip crisis or an international freighting crisis at the time those were still very hard to find And there were a lot of leo. Like where's the switch in stock today kind of stories. I just went and picked over on best buy's website and they have a special note on their own lives switch page. That says you know. High demand product is item is expected to sell out quickly. We have different reservation rules for it. So it's one of the things they're treating as as a high of wishlist product and some people are pre-ordered it but they're gonna have regular you know retail sales on tuber. Eighth is when it technically goes on sale. So that along with the. Ps five in the new. Xbox is i think they're all going to be reasonably hard to find throughout the holiday season right and this is a refresher. How much is this new old switch. It is three forty nine which is a step up from the regular switch which is two ninety nine. So you're spending an extra fifty bucks. Basically for the screen the kick stand and the upgraded dock. And if you were coming in new is it. Sort of a no brainer. It's like fifty dollars more. You get this nicer display. You get the nicer kick. Stan is that is that sort of the the calculus there in less. You are determined that you are only going to use it as a tv connected liver console. You're never gonna take it out of the dock if that's the case you can just get the ring road switch. You're never going to look at the screen and that some people. But i think people end up loving the fact that you can just like carry this around with you. Yeah absolutely i think. That's my the number one feature. Why i love this thing is i can take my aaa titles on the go. Although not that. I go on the golf let after a more. It's nice people do it. beyond the switch. You also got some time with metro. I dread which is the new. I guess it's basically a new flagship game for the switch this year. What was that like so weird choice for flashy game. It's a very old school. It's a metro game but it's to d like the really old original metro games. I think that it was the first new metro game in one thousand. Nine hundred years you know as a side scrolling platformer slash action game seemed perfectly. Nice not really my cup of tea but they have You know it's like you're you're samson. You're you're trapped inside like a hollow planet and there are these robots chasing you so you have that more modern game mechanic of a super powered enemy. That can follow you for room to room to room. So you know. I thought presented the self well is is not exactly my thing. Yeah and they're. I've noticed there's a lack of these larger new titles that we just had a nintendo direct and one of the highlights was more retro games. Seems like the games lineup is a little bit. it's not. it's not really a big flagship. they've metro-wide there's a new mario party game coming out I think they're doing some re releases of new versions of older pokemon games for it and then you'll get some of the mainstream games like guardians of the galaxy. Some of the holiday games that like ea and activision these big companies make will also have a switch version. But you know that they're not reasons about and get a switch per se got well dan. Thanks for your time. Lots of consider. What the switch and you can check out his story and his impressions. They'll see the dot com if you have any questions. His twitter epidemic charged or sanford direct text messages for me hadn't even seen that dot co slash daily charge. And if you liked what you heard. Please subscribe to the podcast. It really helps out the daily charged or order. Chang actually listening.
Wall Street Breakfast September 20: China Property Crisis
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to re dot kpmg dot us slash trust to learn more. Welcome to wall street breakfast. Your daily source of market news and analysis. Subscribe to this podcast on apple. Podcasts google podcasts. What if i and stitcher good morning today is monday. September twentieth and amer host nathaniel e baker filling in for pimm fox. Our top story today is focused on china's property crisis. But let's first take a look at markets this morning in asia japan is closed hong kong. The hang sang is down three point. Four percent china is closed and india is down four tenths of one percent in europe at midday. We have the footsie in london down. One point four percent cac in paris is off two point one percent and the dax in frankfurt also off two point one percent here in the us futures are pointing lower as well. The dow is down about one point six percent s and p five hundred off about one point. Three percent nasdaq one percent lower. Crude oil is down about one point. Eight percent and gold is rising about three tenths of one percent. Bitcoin is down almost seven percent to trade around forty five thousand. The ten year treasury yield is dropping as well that is down to one point three three percents now our top stories. The possibility of china property company ever grand is leading to concerns in markets. This morning as we saw shares of ever grant are off more than eleven percent today at the stock has fallen more than eighty percent this year as it struggles to meet debt payments. The company has more than three hundred million dollars in debt and has warned about default. It has a eighty three million dollar payments due on thursday for a march. Twenty twenty two bond according to reuters and this is leading to concerns of a domino effect as this would have an effect on other china and hong kong property developers and a systemic effect on the rest of the economy. That's according to jenny. Zang co head of asia fixed income at alleanza bernstein quote in the offshore dollar market. There is a considerable large portion of developers who are implied to be highly distressed. Zang said on cnbc. These developers quote can't survive much longer. If the refinancing cheinal continues to be shut but she played down the possibility of ever grant being akin to the collapse of lehman brothers noting that the fragmentation of the china property market is much less involved than lemans regulatory crackdown. Along with ever grand pressure is on. The hong kong market as china's leaders looked rain in what they are calling monopoly behavior much as they have taken aim at tech sector but also like the moves against big tech companies. The exact actions the government will take are unclear. This is all part of president. Xi jinping's com- common prosperity plan to address inequality quote. People may be worried about whether they have to take up extra responsibility to build more subsidized. Housing said philip. C head of hong kong and china property research at bocom international. According to bloomberg quote foreign investors will be concerned administrative. Matters in china will lead to a price cap more stringent purchasing limits or some tax payment. Proof is required to pay for buying a flat and quote brian. Quarter rallo portfolio manager at pilgrim partners. Asia says the following quote the price action across several asset classes in asia. Today is horrendous due to rising fears over ever grand and a few other issues but it could be an overreaction to to all the market closures in the region and quote. ipo arrivals footsie. russell has added a record. sixty two recent. ipo's to it's popular russell. Two thousand index. Which could boost stocks like crispy cream and fly wire as early as today. Because index funds will have to buy some shares quote a rising tide lifts all boats so it's not surprising that he continued influx of capital into the stock market has pushed up valuations for ipo companies lifting more of them into the index at an earlier stage so said donovan jones. A seeking alpha contributor who follows initial public offerings the russell two thousand tracks two thousand of the market small-cap stocks making the basis for popular smallcap index funds like the i shares. Russell two thousand. Atf because small-cap stocks are typically more volatile and riskier than their large-cap brethren investors expect bigger rewards from them as a result the ideal um etf frequently out performs large-cap sector spider etf as has happened over the past year streaming pause streaming share of television viewing inching forward. Steadily in recent months has taken a pause to go back to school three months of growth in streaming share turn flat in august according to the gauge from nielsen. It's monthly macro look at tv delivery platforms and there is a definitive back to school effect. Here as streaming share was flat at twenty eight percent but with a more pronounced drop in viewership among children aids. Six through seventeen where it was down. Seven point five percent from july broadcast which had bounced back from steady declines last month to touch twenty four percent with help of live. Sports timing was also flat as was cable which had taken a step back last month to land at thirty eight percent still the leading option but in a secular decline economy dot plot coming. The central bank has already said they're not planning to start reducing asset purchases yet in addition fed chairman. Jerome powell has explicitly said the fed won't raise rates until well after tapering of its asset. Purchases starts still investors will be looking for hints of when the central bank will ease off the gas that has been providing since the start of the pandemic economists survery by bloomberg expect the fed to make a formal announcement on reducing its purchases of treasuries and mortgage backed securities at the end of the november meeting. Two-thirds of the fifty. Two economists who are surveyed. Expect a november announcement with more than half expecting the fed to start to taper in december. At least five of the twelve fed district bank presidents expect tapering to start this year. This is according to comments. They've publicly made starting in late august earlier this month. Atlanta fed president rafael. Bostitch said he expects the feds reduce its pace of asset purchases this year but not this month worth noting that bostitch is not a voting member of the fomc stocks monster reallocation cash poured into equities this past week and out of money market funds capital outflows from money. Market funds were around forty five billion. Which is the largest of the year according to riff innovative lipper. The market is seeing a quote monster reallocation cash to stocks as tax distribution threat recedes and fed expected to remain wall street friendly. That is michael. Hartnett botha chief. Investment strategist writing in the flow. Show note from friday. It was the largest inflow into us large cap funds. Ever at twenty eight point three billion us growth fund saw inflows of six point nine billion and small caps had inflows of four point two billion with one point. Six billion going to us value among large-caps tech had its twelfth week of inflows and the most since march. What else is happening. Lee auto has cut its q. Three delivery outlook amid chip supply. Shortages brookefield has made a seven billion dollar offer for an australian power infrastructure firm rights offerings. What are they and how do they affect share price. Pg and e. is warning of more power cuts in fire prone areas following the dixie fire. Some biotech news here. Johnson and johnson's river prevent and lazarus tin ab- in lung cancer is reporting being reported as twenty twenty one sorrento reports results of cova sticks and pan. B o antigen rapid tests for cova nineteen detection. If you enjoy today's podcast please be sure to rate it and review it. Your feedback is greatly appreciated. That concludes today's wall street breakfast. Thank you for listening for the best. Investment analysis news on the web dot com. Subscribe to this podcast on apple. Podcast google podcasts. Spotify stitcher you can sign up for our other podcast behind the idea. I think referees. let's talk. Ups cannibus investing podcast and marketplace roundtable. Almost five owns as well a great day.
Wall Street Breakfast September 19: Fed Meeting Blowback, Nike Numbers And FedEx's State Of Shipping
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services develop and put in place dynamic risk strategies designed to help your business earned that all important trust go to re dot kpmg dot us slash trust to learn more good morning. Today is sunday. september nineteenth twenty twenty. One you're listening to seeking alpha the leader in market news and analysis. I'm jason cole. And this is stocks to watch wall street's breakfasts weekend addition. Our news teams weekend preview of upcoming. Ipo's earnings reports conference presentations investor days. Fda decisions barron mentions and other key events that can impact stocks to set you up for the week ahead in the markets. This podcast is available every sunday morning. On seeking alpha apple podcasts. Stitcher and spotify. We begin with the breakdown of the week ahead from seeking alpha zone news team. The federal reserve meeting is the big marquee event. In the week ahead the sharpest focus will be on the language from the policymaking committee on when it sees it as appropriate time to start reducing the pace of asset purchases. Majority of economists expect. The first change is bond purchases to take in december economic reports of interest next week include updates on housing starts existing home sales new home sales and the latest bmi prints in dc. The house is expected to vote on the debt ceiling. Next week and the bipartisan infrastructure. Bill on september twenty seventh on the earnings calendar there are potentially sector rattling reports do in from fedex and nike while conference counter is headlined by goldman sachs communicate communicate via conference with. At and t. disney and peleton interactive all in the house. Another big week is setting up for the ipo market and digital financial platform money line may star trading after its back deal with fusion. Acquisition closes earnings spotlight monday. september twentieth. Lener earning spotlight. Tuesday september twenty first autozone cracker barrel aurora cannabis fedex adobe and stitch fix earning spotlight wednesday september twenty second general mills blackberry and came home. Earning spotlight thursday. September twenty third carnival darden restaurants aid cosco and nike. Ipo watch another busy week is on tap for the ipo market. Ipo is expected to start. Trading on september twenty second include aka brands holdings. Fresh works versa. Bank and toast. Ipo's expected to start. Trading on september twenty third include argo blockchain brilliant earth group knowlton development ri ra military salvos brands and sterling check corp the ipo lock-up period expires on long listed stocks including digital ocean. A the auctions. Diversify ole in kolding craker his ego holdings sem rush threat up alava therapeutics dividend watch the list of companies on watch for quarterly dividend heights. Next week include a censure to ninety five cents from eight cents lockheed martin corporation to two dollars and eighty cents from two dollars and sixty cents progress software to eighteen and a half cents from seventeen and a half cents ida corp to seventy five cents from seventy one cents in general mills to fifty three cents from fifty one cents. Fda watch the fda action date on insight corporations rugs Job is set for september twenty second and for america pharmaceuticals vp. One two on september twenty third fedex earnings preview fedex delivers. Its earning report in update. That could have far reaching implications across transportation shipping logistics stocks. Fda will update its annual guidance with the most current supply chain labor issues factored in the stock with titus share. Price correlation with fedex is x. peo- logistics corporate events. Boston scientific corporation conducts a meeting on september twenty second with the investor community to review its financial goals and long-term growth strategy on the same day microsoft holds. It's surfacing van was some product announcements anticipated shares of microsoft have gained during the events in the past when surprise products revealed were fired off off sprout social and salesforce dot com also have intriguing investor events scheduled in the spec world fusion acquisitions core polls a shareholder meeting to vote on the business combination with money lion. Checkout seeking alpha's catalysts. Watch for detailed list of specific events to watch conference schedule. Another busy week of conferences is on tap including the bank of america. Merrill lynch twenty twenty one global real estate virtual conference the oppenheimer fall healthcare life. Science and midtech conference the j. p. morgan all-star conference the civility. Full twenty twenty. One virtual small-cap investor conference the da davidson virtual conference the wells fargo fourth annual consumer conference the raymond james defense and government service conference and bernstein strategic decisions conference the goldman sachs thirtieth annual communica. Opie of conference could be the most intriguing of the bunch with a wide range of companies set to present including warner brothers warner music group newscorp. Snap disney t. mobile. At and t. Hasbro and peleton interactive notable annual needs. Darden restaurants holds its annual meeting on september twenty second while fresh pet and lamb wesson hold annual meetings on september twenty third silver court. Medals follows with an annual meeting on september. Twenty four stock. Splits the raymond james three for to stock splits becomes effective on On september twentieth barons mentions the intersection of the cryptocurrency revolution in the old banking system is broken down in the cover story with companies like visa. Jp morgan working to integrate Cryptos stable coins into their systems to capture fees on services at the same time technologies threaten their revenue streams and important access to data some of the banking veterans warned in the piece that weaker cryptocurrencies could evaporate. It put to the test of a financial crisis. There's also a threat seen for bigger cryptos like bitcoin. A theory him if the tax man comes calling the big miners are also getting a big. Write up this week. Mining stocks are said to offer cheap achieve play on growth with price earnings ratios in the single digits global gains global giants. Anglo american be. Hp group glencoe. They'll and rio tinto or all seen as intriguing picks you close out this week with our single stock focus advisor. The fda advisors vote against pfizer's covert nineteen booster doses as vaccine makers remained under pressure. That concludes this week's stocks to wash. Thank you for listening for the best investment analysis in news on the web goto seeking alpha dot com to get wall street breakfasts and stocks to watch on your phone for your morning commute. Subscribe to our podcast on google. Play apple podcasts. I tuned soundcloud or stitcher. You can sign up for other. Podcasts essays for f.a.s.t. Alpha traitor the cannabis investing podcast. And let's talk atf's all on the same platforms. Have a wonderful week.
334- Rule #1 Event Checklist
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services develop and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more everybody in this town and the danielle town. Welcome to the podcast. We are what are we doing. Totally mystified about why we're here. We're here and everybody else knows why we're here. We're just figuring out where investing we're learning buffett and munger style long-term values based investing and basically guys. This is this is how People who invest like i do this is how they run. A fund is how i run a fun multiple funds. This is a way to and the reason that i'm saying that is because there's very few fund managers that are able to do this kind of this style of investing is limited to individual investors. Pretty much i would say ninety nine point nine percent of the actual number of people who do this are just private. Investors managing their own money and the reason for that is because investors that are managing other people's money and are are successful at it inevitably end up with investors who are watching them on a literally a month to month basis against a an index of some sort typically the s&p five hundred or the dow jones industrial average and if that fund manager is not keeping up with the index and his peer group. Then they will change their money to a different fund manager and this is just an absolute fact of the way. The market works as a result. When you your money with a fund manager you're putting it with someone who's making an attempt to do what has turned out to be virtually impossible and that is to be invested all the time all every day fully invested and beat the market. Why is this top of mind right now. Because the the. I don't know it just is what popped into my head right now because i want to make sure that everybody understands the difference between what we're teaching them and what goes on in the world of of wall street money management. So this is. This is quite different. This is basically saying as you guys know from being hopefully on this thing for years that this requires patience. And i'm guessing i'm saying that right now danielle because patience is really getting short. I mean this is ben such a grind what is to be investing money in this market and have almost nothing we can buy. That isn't a high bar to jump over. That isn't difficult to to figure out. And and the at the end of the day difficult to figure out for me. Correlates with danger Risk hate taking risks with my money or anybody else's. I really wanna buy things the way. I would comfortably by a piece of real estate here around where i live. I feel very comfortable. This market is going to be much much better market in ten years or twenty years. The people are moving in this direction. And it's a no brainer to buy a piece of real estate if you can buy it at the right price now. That doesn't mean. I can buy it at the right price right now. Actually can't everything is vastly overpriced. But but you know what the right price is and you know that you understand it well enough to be reasonably confident of that in space terms since. There's no obvious houses to buy. Everything's been priced up into the moon. Then you know if we were to to sort of parallel what's going on in the stock market. Then what i would be trying to do. It'd be maybe do a commercial building. Where maybe i would develop a piece of land where i'm taking a lot more risk. I'm moving into an area. I'm not an expert at and but the grass looks greener over there right so so by way of as a metaphor for okay. Maybe i'll put some money in bitcoin. Maybe i'll jump in with the memes fox and see how i do on game stock and amc and kemoko. So you know it's just man right. Now as patients is is that as at limit For many many people who are trying to be rational investors in a market that has given up rationality In favor of the federal reserve artificially driving the market forward with low interest rates and buying back tremendous amount of bonds which effectively putting putting two to three trillion dollars of new money in the stock market every year of printed money. New money hasn't been in the market before and that impact is just unprecedented and have we don't know when it's gonna stop so that's i guess what i'm talking about this. It's a very interesting. That's top of your mind because it just to me like really it shows the it puts in sharp relief the differing positions that were in because you are obviously talking to investors have investors Dealing with that kind of day to day stuff. And i'm not at all because i don't have any investors i set my own money and i don't read basically any of the day to day news about the market i used to sometimes before i got covert but now i just don't read any of it and so i i literally have not thought about a single thing that you said in months so so good. Isn't that wild though how different that is for us. Well yeah. I mean warren mike the meam stocks. I just really enjoyed that ride and haven't thought about it since People pressure. I don't i don't think about that on this point. The pressure of course comes from What's going on in our own heads and we can certainly put pressure on ourselves as individual investors. I'm so glad you're not doing that. Which is spectacular. But as a as a fund manager that you really have the feeling of this institutional imperative to be brilliant and brilliant right now every day you know and the beyond brilliant is shown by taking actions. Yeah by taking action and being as good or better than your peer group and the market all the time and this pressure is is what warren calls the institutional imperative right in and what he describes it as a batter standing in baseball standing at the batter's box and having all of his investors behind him in the stance. Yelling swing you bum. He's just standing there and pitch after pitch goes by f from their perspective. Some of those pitches look pretty. Hit a ball. So why is he waiting. Right and warren describes it. As the way ted williams figured out how to be the best hitter in the history of baseball and he did it by looking at video or films. Back in. Ted's day of pitches coming across the plate and he realized that there was a limited number of unique places for baseball to go within the strike zone. Which is a rectangle from like roughly chess tied to the knees and the with of the plate right so he. He realized any drew a diagram. There's only so many baseball's can fit in there. I forget how many there are. But there's a there's a bunch right there maybe fifty or something okay. And what williams did is look at all the hits and misses that he'd made as a batter and he figured out when the ball is in a certain spot in that rectangle he can hit six hundred percent and when it's in a different spot he can hit like one hundred percent right in other words you. How can you hit a six hundred percent. Well you get six hits for every ten times the balls in that position sixty percent. Oh he call six hundred. Oh they don't about in six hundred and you in boston. A different position he gets one hit out of ten okay instead of six so we realized if he just focused on hitting the ball swinging only when the ball is in that spot in other words forcing himself to not take a swing and of course in real baseball. You only get three strikes and warren has pointed out that williams had to swing at the ball if it was in the strike zone if he was honest third strike and so he couldn't make it perfect but an investor can. This is the idea of fat pitch waiting for a big fat pitch and swinging then and warned just reiterates that we don't have to swing. There's no called strikeouts in our game. I think the other difference with the analogy is that in baseball. You've got another pitch coming and you know you've got another pitch coming. Because that's how the game works in investing. I think i think this is a lot of the frustration. It doesn't there's no guarantee and we start to feel like there won't be another pitch like we're just gonna stand there pitch there's pitch okay day there's thousands of them all right another for reprised every day but we're waiting for that fat pitch and oh my gosh. It does feel like that right now like there won't ever be another fat pitch in the market. It's always going to be terrible pitches. Yeah you know and and you just going to stand here forever and then back to the problem as a fund manager is you've got people saying swing you bum. And that's why. I've been very careful about who who gets into my fund just want investors who are very very patient and very willing to to an an understand. This investing strategy requires times when the market will be doing better than the fund because we are sitting in cash while the market's going up right so that that requires a special kind of investor. And thank god. I've got him. And then we're we're doing you know very very very well with with all the investors as far as as far as anything i know people are staying with the fund in spite of the fact that i mean last year we had a really good year. But you know this year. I don't know how it's gonna go. We're sitting right now. An enormous part of our funds and cash. It's a big gamble. It's a big gamble. I guess you could call it that. I don't think it's a gamble. I think it's it's what has to happen if you follow the rules of rule. One investing and i. I feel very confident that that's true. Perhaps because warren buffett and charlie munger are massively in cash huge. Huge percentage of their assets are in cash right now and so then. The masters of this are doing what i'm doing and they're probably doing it for about the same reason i can't i know says but i can't i can't guarantee it's the same reason i mean. I think yes like you're right about that. I think the reason. I sort of feel like it's a gamble which may be as an in. Maybe a feeling not backed up by fact Is it feels like it's timing. It's based on timing before people say. Oh you're trying to time the market. Yeah oh we're not there. There are two ways to kind of go to cash. One is okay. It seems like the market is really high and the thing. Is we talk about that. So much on this podcast. That i think that that's unfortunate. I wish we wouldn't talk about that so much. Because i don't think it really matters that much but the other way is that the company's one owns have gotten to a point where you don't wanna own them anymore for a various set of reasons and there and then there's nothing better to buy with that money so therefore the money's cash. Yeah that's it so it. It looks from the outside. Like oh we're trying to time the market But we're not. We're being forced into these positions by the structure of our investing strategies. And in the end. You know it. I mean unless the federal reserve is going to keep interest rates at where they are right now for the next twenty years. This market's overpriced. But i am starting to hear from really good. You know investors that this is now permanent. State at the federal reserve is going to absolutely keep interest rates right. Were they not an unreasonable position. It's not it's not crazy now. it's not crazy it's unprecedented. It is rife with the potential for a complete economic catastrophe worldwide. But to a certain degree they've been painted into a corner where the option. The option isn't really there right to start. Raising interest. rates would mean that same kind of economic catastrophe might start at all by itself. So it's entirely possible that we are in an unprecedented time right now and that this investing strategy is going to do less well than the market But it is what it is. Frankly i'm not going to change this thing after forty years of investing like this I don't have a crystal ball. That says what. Tomorrow's going to be. An all i know is and this. Will i think takes. Today's subject on the checklist is that i have. I invest when there's fear about the future of this business that i wanna put my money into and if there's no fear if this price hasn't dropped then i am constrained to just sit here. I cannot. I cannot in good conscience just suddenly start taking risks that i am now guessing where this is going to be in the future. The the what keeps me from guessing is that i by fear i mean warren was once said somebody said what is the secret to to invest into making. You know you've been making twenty four percent a year for forty years. What's the secret to invest. And he said oh. Sh shut the door. You wanna buy when there's fear and sell when there's greed that's it that's it so today. Let's talk about the checklist that does address when to buy more right. Yeah and just like mulling over what you said about. How if there's no fear in a around a particular company or particular industry that you sort of have to wait and will. I don't know this if we've said that over and over but that is just struck me as a little bit. Different helu new. If you think you're smarter than the rest of the market then have at it when a company is at its high and you see that it's undervalued and the market is is just missing it and all. These managers are stupid and more missing it go for it. I just don't think i'm smart enough to do it. You might be. I mean you're smarter than me. But i'm i'm not smart enough to do that. I have to have the sheri- of a very specific kind of fear. yeah. I don't think it's about smarts not smarts. I really really don't vince. Stocks at the top. And you think they're on sale better. Have some smarts. Well need help. You need to know something other people. Don't right which i need to know. Some other billion tends to not necessarily corley was smarts. Shall we say experience. You're gonna be humbled my experience to be able to think. Those kinds of things tend not to be the smartest. Let's go on major checklist. Okay let me. Give the little inter on the checklist for anybody. Who's new and going. Like what the heck these guys said. We're supposed to know what this podcast is about. And talked for fifteen minutes about what this is about so guys. That's what our podcast is about. We just talk about amazing interesting stuff. So this checklist. We have talked about On a number of different episodes they are not in order. But you can start back last year. So scroll back in the episodes. You'll see checklist. And that's where it starts. And then we took a hiatus in our back on the checklist. We've done a few episodes in the last few months about this checklist so we're not going to repeat it. Go listen to the episodes dad. Where are we today in your investing. Check the checklist is structured around a clever little acronym are u. l. e. s. And we are on the e. We've already done. Are you l. radar so the whole l was the love love and now we're on e. which is event now. This is the key honey. I'm on my checklist. i've written insist on one. Who have hake. Is that a checkmark item or is that just general reminder. It says event insist on one and And so there's only six items on here and i'm ready when you are reading cam reading all right. The first one is i know the event the event. Why is that on a checklist. Well because a stock will drop. Let's say as a result of some kind of fear in the market right. A stock will about that stock kindle trump and let's say it's dropped thirty or forty percent then i have to know why what is school i see yes because that totally happens where something will drop and i'll be watching it and i'll go. I have no idea what just happened. Right right. it makes no sense. And then it turns out that a butterfly flaps its wings in africa and ended up affecting you know the price of xyz in denmark and change the stock price three days. Three days. later. I didn't know about the butterfly right and in that may be an event. That was a little too subtle. So let's go on down about the kinds of events so i know the event now. In event by the way is something that's creating fear and causing the stock price to go down so there's something going on out there and is rectifiable within a few years. Right and we'll rewrite checklist. Get the second thing is the event was easy to find. This episode is brought to you by federal. Football is back and the best bet you can make is downloading the fan duel sportsbook app. It doesn't matter if you're new gambling or an old pro fan duel has something for everyone and as an official sports betting partner of the nfl. You know your bets are safe. There's also never been a better time to use fan deal because right now you'll get up to one thousand dollars back. If you're i bet doesn't win. You can even turn a small wager into a big payday with the same game parlay bet. Just sign up with promo code spotify to place your i bet risk-free on fan duel sportsbook download fan duel today. Twenty one plus and present in. Virginia i online real money wager. Only refund issued as non withdraw credit. That expires in fourteen days. Restrictions apply see terms at sportsbook dot fan duel dot com gambling problem. Call one eight hundred gambler. The event was easy to find. Unlike your butterfly fly. I'm super intrigued. Why do you care about that. I don't want this. I want this to be jumping over a six inch bar not leaping over a four foot bar. Why is hard to find event. Four foot bar if it's getting to the point where it's affecting a stock price because it's hard to find that makes it very subtle. It's not obviously in the news. Apparently people don't really know why they're getting out of this stock there. Maybe they're just getting out because everybody else does. It's going down so get out. Let's get out not easy to figure out what's going on there with the inside track on a company might have really good reason to get out because they know this companies in deep trouble and then other people are watching this big investor exit. And they're they don't know why they're just getting out on momentum which is how the market works so easy to find is real important it has to be right there like a really fun one that that we did very well with. Was this cotton t shirt. Company that Stock price dropped in half because the ceo came out and said they may not harvest cotton in egypt this year because of revolution going on in salonika reputation and if that and stock and the cotton prices are moving up a very aggressively if this keeps going. We're going to lose money this year. That was killed in. That was killed in. Yeah great canadian company and man people bail out the moment he started talking about that so it was right there. If you're paying any attention so that counted in the easy to find box easy to find. He's telling you he's telling us. There's fear is i gay. Be afraid if if you're a one year investor hugh you don't want this stock is is. What the subtext was right. And then when of course what he was saying is it won't last that long. Because other cotton producers next year will produce a lot of cotton. Prices will come back and we're expecting that but you know down the road. We'll be all right so easy to find the ceo's talking about the event that is often the case trying to keep people in the stock sank. Sure trying to settle it all down late mexican grill. That ceo talking about e. Coli that kind of stuff. I have not had a real life situation where i did not know what was going on. Has that happened to you or you've either where you've been watching either. You've been watching a stock or were you actually owned the stock and you didn't know what was happening. no no. it hasn't happened on on companies. I already knew substantially knew about is the the ones that are gonna get your company's where you you think you probably have an idea that this would be a good company to own but you're not deep enough in it yet right and then. The stock price goes down and then scrambled to try to figure out. Why typically if you already have owned the stock you own it now you. You're going to know why because you pay attention right. Here's another one boeing. Boeing was obviously easy to find right. Amine front-page news to aircraft. Go down crash. Kill a lot of people The the feds wanted to take a look at it. They shut down production. Obviously very easy to find so boyne goes down then comes covert and all the airline shut down blowing. Goes down some more right so over a course of a year and a half of these two major problems goes from four hundred to one hundred. I'm kind of goes down. Seventy five percent very very easy to find all right. Oh that was easy to find. Okay got we'll come back to that. The news basically yeah front-page. Usually the event will take at least one year to resolve at least a year into wait. Say that one more one more time because this event will take at least one year to resolve. We'll take at least one year gonna take them a year to fix it at least a year to fix it so a year before cotton prices return a year. The the feds approve the boeing seven thirty-seven right. Why do you care if it takes a year because if it's shorter than that the fund managers are not going to exit aggressively. It won't keep going down. Probably there'll be this brief shock and then it's going to shoot back up again very unlikely that it will reach. Its margin of safety. This is just about getting to your price right. Okay well i. it's about getting. Yeah this one is about getting into the price. If it's less than a year the fund managers are gonna see through it. They're not gonna run away. Yeah it's not like. I flashed back to To when the market was crashing last year in march Due to the pandemic and i was thinking but wait that one. A lot of people thought would take less than a year to resolve across the board. But the truth is we didn't. I don't know if we actually thought that. I think in those like five five days to weeks thought here it comes. This is going off the cliff. Now yeah and i think that's why it was dropping so precipitously and then the moment or let's say the day after Government started to announce public support for businesses and public support for markets. Everybody went okay. Maybe we will be able to get through this in less than a year. And i think i mean i certainly thought that the sickness itself the virus would be over within a year. I think all of us. I think we all thought that so. I'm just wondering if that situation with those companies bean really the entire market. If that would've met this test it will take at least a year to resolve. I absolutely thought so and we are. Let's go to the next one. Which is the opposite of this number for the event will take no more than three years to resolve. The event will take no more than three years. So we're getting quite specific here from forty years of experience. We want this event to be of a certain nature. It's going to be long enough that these guys bail out because they are much shorter leash than i am in terms of their investors being willing to stick with them. If everybody's gotten out this stock and they don't get out of it. They're going to have trouble keeping their keeping a hold of their investors so that says a certain kind of event has to be long enough. Now this one's take no more than three years to resolve. The event has to be long enough but not terminal not an uncertainty level. So when you're looking out into the future three years plenty far you should be able to see clearly that they'll get through all of this stuff in less than three years so coli they're gonna figure it out and in the problem resolved in over in under three years. Cotton under three years boeing under three years now the boeing one turned out to not be the case. Boeing has had yet another set of problems. Just come into the news. Oh i don't following all well we have really given up on it. That is we. We bought it so. Let me just get this straight. There was something that happened a while ago. I can't remember what it was. The pandemic i think to out crashes. That was the first thing. Yeah and you thought okay. That's a lot of airlines. Have been through that little get resolved. They'll fix the safety situation. They'll get back on selling airplanes then the pandemic hit on top of that. And you thought okay. Another rectifiable situation. It's gonna be tough but they're going to get there at a new thought. That was still under three years with buying selling new airplanes airlines. We thought from that point in the pandemic which reset the clock for us. And we can buy boeing at one hundred. Yeah we we gave it three years to resolve itself right the code. That's the airlines coming back here. And they're coming back really well right now. It's been less than three years. And now there's something else going on boeing's processes were so screwed up by the last Ceo this is one of those examples. It's become one of those examples where you know you wanna company that is so such a big moat that even an idiot can run it because someday idiot will and that has been the case. Now with boeing. There's just so many so many nasty things crawling out of the closet one after the other. They just can't seem to get out of their own way so we finally had to reset. We've taken a look at the amount of debt that they've taken on and just went. Okay that's that's just too deadly sixty billion dollars of debt and they're not redeeming the debt fast enough and it's just you know. They're just still kind of staggered is fight of the fact they have almost a monopoly But i think honestly if you wanted to take a flyer on a company this would be a good one to take a risk on but we don't like risk capital. We made a lot of money on the company already. So we've started taking our money out of there and And so three years to resolve has turned into a question mark. We don't know when they're going to get themselves stray no and then they will sunday last question. And then we'll stop and we can continue with the checklist next time What does resolve mean is resolve. Stock price oriented is resolve company choices oriented they've set up a situation wherein they will soon hopefully do better and make more money or is it like this is done. It's in the past. We're doing amazing in every possible way. It's it's the. The event itself is no longer creating uncertainty in the market about the future of the company. How fast the market response to that can vary Just depend on what's going on in the market right could be a bear market could be a bull market whatever but the event that put the stock on sale has now been resolved to the satisfaction of the market. Everybody knows that it's over that the well that bp had a problem within the gulf has been fixed and the penalties have been Clarified and it's clear. The company's not going bankrupt all right boeing's just keep dribbling it out so we don't like that no they uncertainty remains about. What's the future value of this company if they keep up this stuff and we just don't know because we don't know the future value we can't feel what it should be worth today so I'm ready resolve is stop creating uncertainty as resolved. The cotton prices have gone back to eighty five cents the the coli is clearly over and so's the norovirus stuff. That's happened over and over right. So each of these has something that is. But i mean that's a great example because and they completely changed their safety and cleanliness standards and processes with the food and in the stores and they brought on a new incredibly experienced. Ceo to grow the company out of that like there were a lot of which apparently there are a lot of components to that recovery. That's right and boy. This is this is where you see so many of these elements coming together so this is a company you guys that we bought it about two hundred eighty dollars a share. It was as low as two hundred and fifty a share. I don't it before you can read about it in real number one but this time around brought it at two eighty it had been at seven sixty and the stock is currently almost two thousand. And so this is. This is all because of what's happened since they had this e. coli stuff None of which we could have predicted accurately and didn't what we did predict accurately is number one. They have a huge moat in a very niche market place with no competition directly and number two. They have no debt and the that combination of big moat. No debt means no bankruptcy. Some day figure this out. And that's what gives us the confidence to be in there. It's just like buying a house in your neighborhood. You know it's a good neighborhood so it's got a big moat location location location and yeah you know rents are flat right now but you know it's a long road and a good neighborhood in the future. So that's how we look at it that that three years to resolve. If you'll think about that for one second just to wrap up here is that. Typically we are looking for not typically. We're constantly looking for a company to go down by about fifty percent from its value. Let's stay the markets accurately value in the business When it has this event happened were expected to drop about fifty percent at often is how far it will go down to sort of emotionally people bail. And now you've got a ten dollar bill available for five dollars and when we buy it and it goes back to being a ten dollar bill when the problem is resolved we just doubled our money and the three years happens to create a twenty six percent compounded return if this happens in a three year period and that's a huge twenty six percent compounded on his license plate. I feel sure you've told me that. Before but i completely forgot it so essentially by ten dollar bill for five dollars three years later. It's back to ten when you've doubled your money from five to ten and three years you've just made a twenty six percent return and that is our target investment return there. You go adorable isn't it. Let's warren buffett's genius absolutely. No kidding no kidding. All right checklist soon. More on event before we're done but Wrap it up next time. Thanks every penny. I guys thanks for listening to invested if you enjoyed this episode. Do you want more information or to listen to additional episodes. Visit our website at best podcasts dot com and sign up for my virtual workshop right there spots are definitely limited for this event. I'm not kidding there really. Are they sell out very quickly. Go everything discuss on this. Podcast by the way is either my opinion or it's daniels opinion and i really important. It's not to be taken as investment advice. Because i am not your financial adviser nor have i considered your personal situation as your fight. Do -ciary so remember that you're on your own here. This podcast is for your entertainment education. Only and i really hope you enjoyed it.
Nigeria's N15tn Infrastructure Company to Take off the Third Quarter
"You're listening to the news at this hour on. Africa business radio. The governor of central bank of non-jury missed a golden and mayfield says the fifteen million billionaire infrastructure company in the mid created by the federal government to breach the nation's huge infrastructure. Gap is to take off in the third quarter of the year vice-president museum rogers says that although the government's economic reforms had paid off in telecommunications suspension and maritime sectors the current administration was making efforts to address the challenges in the power sector privatization. I may feel he says. The federal government approved kpmg as a financial adviser to infra adding that affirms expected to commence operations in the third quarter of twenty twenty one st at that jury to attain meaningful growth the must be huge investment in key sectors of the economy including infrastructure saunas real and power among others. That wasn't he's at this time. On africa business radio you can continue to listen live online at. Www you ww dot africa business radio dot com or fire are mobile app. I am rachel chie-jen to thank you for listening.
Why Do Most Past Client Plans Fail? (Part 4) | Cure the communication failure spiral!
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more welcome to real estate. Coaching radio starring award winning real estate coaches and number one international bestselling authors. Tim and julie hairs. This is the number one daily radio show for realtors looking for a no. Bs authentic real time coaching experience. What's really working. today's market. How to generate more leads make more money and have more time for what you love in your life and now your host tim and julie harris. We're back and julius if you've always wanted to try meditation but think to yourself. When would i have time. You should check out head space head. Space is your daily dose of mindfulness in the form of guided meditations in an easy to use app head. Space is one of the only apps advancing the field of mindfulness and meditation through comprehensive clinically validated research. Head space really can help you feel better overwhelmed. Head space has a three minute. Sos meditation need help. Falling asleep us head. Space winedown sessions and parents head. Space has morning meditations. You can do with your kids head. Space works for you on your schedule anytime anywhere. Head space is meditation made simple go to head space dot com slash c. Suite for a free one month trial you'll be able to access head spaces full library of meditations for every situation. This is the best deal offered right now. Head to head space dot com slash c. Suite day the seventeenth of september. We're going to finish off where we started a few days ago. We're talking about the centers of influence and past client plan and we have been giving them suggestions. And i think a lot of motivation to go about an and really institute in instigate are very aggressive and fund center of influence past client plan especially into the new year. I know it's crazy here. To september and we're talking about the new year but that is how you have to think if you want to be successful in this business long term and any business by the way you've already should have already started on your created and in some ways implementing your new year's plan never start to the new year To start your plan you have to always start at the beginning of the previous quarter. So centers of influence and past clients for those of. You are listening to us for the first time which is a minority of you. Must you listen to us every day. This is still by the way. I sorry jillian. I don't say frequently enough. Thank you thank you thank you. Thank you have lots of gratitude for all of you and thank you. Continue to make this number and listened to daily podcast real estate agents in the united states and we are being downloaded now and listen to on a regular basis and over sixty different countries and so this is relevant to all of you. The i spoke the first cornerstone. You put on. Your business is always centers of influence and past clients. Now obviously want to be have some skills to know how to do it. But we're talking specifically about your lead generation spokes spokes in the wheel. Analogy is our book harris roles. It's a great idea for you. Guys listen or read that book over the weekend you can get on amazon and every major bookseller but the spokes in the wheel. Analogy is really quite simple. Imagine a spoked bicycle wheel. The more spokes. You have the stronger. Your wheel is but too. Many spokes obviously makes it so that in lead generation spoke you have too many. You're never going to do anything. You're never going to really create very strong ones so we always prescribe that if you have the big business have five to seven really strong spokes of you to a normal sized business. Have at least three. No one should have fewer than three. Because if you have fewer than three than you basically are running down the road with the wheel with spokes on it and says that thing hits a little pebble in the road. Wheels can have no integrity and it's going to collapse and bad things are going to happen so you get the idea but the i spoke that all of us should be creating your lead. Generation is always senators have influence and past clients. And that's true whether you are young old doesn't matter what marketplace. You're in whether you sell expensive houses. Cheap houses how long you plan on being in the business matters. Not this is. The foundational spoke as you said the cornerstone to your business. You might think him an example please. So yesterday i talked. I shared this with you guys yesterday yesterday. Rob johnson longtime coaching client number one agent greg connecticut with his brokerage his average sale price is three and a half million. He has i think he's going to do one hundred and fifty million or something like that this year he does it with one. Assistant has very high margins. He's sort of the you know he's a typical. I would say great example of a high end luxury agent coached by julian. Not a big team. Not a big brand not a big ego just big volume. Huge profits right. His number one spoke is passed klein. Center of influence. Now is on the phone this morning. Actually zoom with the guy and this guy was in franklin tennessee which is near murphy and he was not selling expensive real estate and he was not you know highfalutin and driving around in a range rover and having this big fancy life and meeting celebrities and heads of states like rob does on a regular basis right but guess what his number one spoke was center of influence. That's right and guys. That's the point no matter what the market is doing if the market goes up sars of influence past clients like right now those of you have centers of influence and member centers of influence or past clients. It's not just past clients those who you have centers of influence and you know how to add more stars of influence even though we're in this lack of listing inventory where. There's not going to be a lot of expires things like that. You still have steady business because you've created your serif influence past client plan. You're not having to buy your business. You're not having to pay a whole bunch of referral fees because you've earned the right to have these people see you as their go to real estate professional so yesterday. We promise that we're going to give you guys some drill down statistics at how important this is numerically. And i'm going to take you through the scenario jillian in you're going to give them the numbers. So here's the here's the idea we gave this guy's yesterday but it's incredibly important that you understand this because once you know this once you internalize this once you don't russell with this in your mind anymore is liberating. I remember the first time julie. And i were exposed to this. And by the way it was not by somebody in the real estate business. We read this someplace. I forget what it was. Obviously it has to do with marketing. So here here's the scenario. You are moving to a. Let's say today you cover you. Have a roof leak similar to what i said yesterday but really going to drill down. We're gonna give them numbers so you have a roof leak and let's say you've lived in this house for awhile and let's say you had a roofer come out and fix your house. I'm sorry i refer come out before the to fix another gutter problem or whatever so you've got somebody that you've used before you've liked this person. He did a good job. Showed up treated. You fairly was polite. Respectful the whole thing. Great guy matter of fact you probably even sent this guy some referrals for other people. So you know you have this roofing problem and who you're gonna call. You're not call bob. The roofer right. That's already know you're not gonna go sifting and sorting and you're not gonna go online. You're not going to fire up. Google and say roofers in my area. You're not gonna go to any website. You're not going to respond to an ad. You're not going to drive around looking. You're going to get into the contacts in your phone. And you're gonna up. Bob the roofer there you go now i know. Can you imagine doing tech. Hello i'm looking for a roofer. Anyway this world we're living in one thousand seven percent of the time. thank you sorry how. The decision goes down appeal. Because it's friday so eighty know so eighty seven percent of the time the first sorted sifting and sorting. I'm gonna hire. A roofer is when people are going through their their mental. How am i gonna to do it. Right decision tree. Thank you julie harris. I'm going to choose bob the river because i used bob before so eighty seven percent at time when somebody's thinking about i need to sell a house. Let's just focus on from the listing perspective. I need to sell a house. Eighty seven percent of the time people and we've seen that statistic as high as ninety two percent by the when we were researching pocket. It's like everybody as far as you're concerned. So that's going to be the biggest bulk of people right there who are going to use somebody they used before. Now if they don't have or somebody they could have known that they say bob. There was their neighbor right. Same thing it doesn't have to be bob. Wouldn't have had it necessarily my example. Bob provided services. Per to you before. But you could have just come across bob. Maybe you know. Bob from church bob is. Your guy is what i'm saying. That's the seven percent question that's being answered is who do i already know right. That's eighty seven to ninety two percent of the time it starts and ends there. Okay so what. If i got that roof leak and you know. I've never had a roof leak in this house before. I've only lived here a couple of years. I don't know bob. In fact i don't know any roofers. The next thing that i do is i'm going to go to who i've trusted friend or adviser that's right. I got joy so i did the math. Just i was checking numbers. I trusted friend or adviser. And i'm then going to possibly ask my neighbor. I'm going to send a tax. I might go to some community groups. What was the one used. Georgetown all the time next door to us next door. Neighbors post exactly. You're so you're only going to go and ask for a referral. If you don't know. Somebody like jillian i right now. Are sending work to a guy. We know greg vasquez who we used all the time and for people around texas and taxes people were asking. Who should i use his handyman greg. Vasquez ats handyman one. Hundred percent of the time. Use them and then now we need. We didn't even think. Look for an ad right. You guys get the point. You're the same way everyone's the same way now. The second thing they're going to do to a jewish point was is there then going to then ask a trusted friend and adviser which incidentally is how he found greg in the first place. That's right that's true. It's one or the other almost all the time. Most people are not only never going to look at advertising and marketing but they have a skepticism for advertising in the marketing it because they in essence they add is might be. It might be bob. It might be buried the river trying to get their business. But the very fact that it's an ad people that built up this very strong callousness towards to the point where they're going to be less trusting of an ad assist statistics. Play this out and this is the reason that marketers and people are trying to sell you. Marketing are never going to guarantee a result because they know what i'm telling you is true so statistically we've in this is where julie and i were having to check our math because we came up with different results my research but that so that leaves thirteen percent of the market Who's not found their service provider from their their own personal influence of past clients. Now what we saw then was another eleven percent basically are going to find who they're going to us from a referral from somebody they asked. So you need a roofer. Let's say bob's out of the business. Right bob bought his yacht floating around the mediterranean. Or whatever you know roofers exactly. Charge a lot turns out. Bob was running really good business right. So bob's out. So now you're going to basically go to your centers of influence a past client or. I'm sorry you're going to go to your neighbors and people you trust. No love and trust and you're going to ask them so julius back in georgetown texas bob. The roofer our old refer guys no longer around. And then she's gonna she might ask our neighbor or somebody she's sadie. Who knows who do you use for roughing okay and it almost all the time. Somebody's got that right. And even just you can hover there because that right there these first two points. I ever went the first time you and i heard this. We are in our twenties. It was like getting hit along side of the head with bach noon. Yeah ali punching upside the head with obvious. So here's the moral of the story guys. When was the last time you bought something from an ad. When is the last time that you didn't fall this exact decision making tree. I mean this is why people go to the mailbox and stand next to the trash can rate. Because you don't everybody does that they sift and sort. There's postcards come to you. there's different flyers ads and all this stuff. It's even more insidious than that. The truth about marketing. Because you could go to your mailbox and you could actually. Let's say for example you're thinking about getting new window coverings or you have it just as a maybe possibly as floating around the back of your mind. You're going through your junk mail. And you see an advertisement for window coverings. But you happen to know somebody who's in the window covering business from your church synagogue mosque or whatever that so that card from someone advertising window coverings to triggered you to go back to your own centers of influence and past client list or your own your own personal spear and then do business with them and that's again one of the little things that advertisers and marketers won't tell you so your mission in life julie. What the heck is it. The you made for us for dinner last night. It was incredible plus like a red and buffalo chicken. It was so good and you know the thing is with every plate. It was so much easier than i thought it was going to be. So here's what really impressed me knowledge. Did you. And i like it now. I did my mom who who lives with us. Liked it but zoe loved it. Picky eater meter the seven half year. Old and there was incredible. It's less than thirty minutes. Which is faster than a trip to the grocery store and faster than trying to throw something together from scratch. So if you're like us and you're extremely busy and you really sort of have the still omnipresent feeling of guilt for not really spending enough time preparing really healthy meals and spending time with your family. This is the perfect excuse to solve both problems. That's true and you know we've tried other things. Besides every plane gut feel a little bit boring and repetitive with every play. There's a changing menu of fourteen recipes for week and that features a range of flavors and ingredients just a dollar ninety nine per meal. All you have to do is go to every plate dot com and enter the code r. e. c. one ninety nine go to every play dot com and enter the code word our ec. One nine nine that gives you the discount of a dollar nine nine per meal and it's a perfect way for you to try out what's going to become a new permanent family member in our family which is every play. Just get started dollar ninety nine per meal. That's crazy is to be in one of those first two groups be the one they already know or be the one that their neighbor refers to them because they already know them now. Here's the thing only two percent respond to something else. Okay and that could be a billboard. It could be direct. Mail could be something like that two percents of would you rather be part of the ninety eight percent or are you going to keep on running those numbers and this is why when you do campaigns like that and you spend all your money on that and you do it for six months and you call up. Steve talked about this on that On your interview. And what did they say why. You haven't done it long enough right. They'll say do you. Will you know statistically two percent should work out so you know you just need to do more of it so understanding. What is if you guys are doing the business with julius again. She's shedding light on. What every marketing company selling you. Anything will always tell you win. It doesn't work which it won't okay there. It is start there when you call them up to complain. Why it's not working with. They're going to tell you is do more of it. That's what they're going to tell you nine times out of ten. They'll tell you that on month one month six twelve months when it expires. T you know and and you're going to hear that from other agents to they'll say well you just takes a while. So how do you actually become one of those first two groups. And i'll i'm giving you guys permission to completely forget about the two percent because it's too small too expensive to get at. So how do you actually go and become the person that is in one of those first two groups when someone on your marketplace's thinking about buying or selling real estate. Obviously use the notes that we've given you over the past. Few podcast and you seriously considered becoming a coaching client because one of the first spokes and one of the most important things. We're gonna teach you when you become a coaching client. Is how to build this in the best thing is truthfully. Many of these are low skilled. It's what it's what you say. It's how you say it's not difficult. This is not a stressful thing. Also free to do everything everything that we coach you to do. In this particular spoke category and this is why guys this is why the other people don't talk about this because this is skills space and it's free they can't sell it to you right. They can't sell your product around this and so this is the reason that people aren't going to tell you to do it because they know that it you start doing it. You won't be interested in all the other things. They have pursell because you won't need the business because you've got enough business coming from this exactly now. I'm going to present this last little bit here. And then i i listen. I will go with you to pick up zoe. You do not need to worry. i'll go with you. I know go point five. Let's get over so all right. So here's the challenge. Take the three by four challenge now. The premise of this is that you're going to have to do more center of influence things than you think you do. In order to make this work so the three by four challenges three meet ups. Those are meetings. Get togethers coffees as we have presented in previous podcasts. For four weeks three meet ups per week for four weeks us meet up dot com to find what interests interests you. Are you know that you have or re-engage in the things that you used to do or no you enjoy to meet more people. So that's meet up dot com. Sounds like a dating site but it is not what you do. Is you enter your zip code and you check off what your interests are and you say what mile radius. Maybe you're willing to go within ten miles of of your home base and then it tells you what you could be going to bow. That would not be the first volterra. I would go to personally. What i would do is basic what you're saying. Meet up to find things that you're already doing fella interests and you can try it out because the challenges three meet ups per week for four weeks so maybe two of them are stuff that you've always wanted to do and one of them is something new. You're trying out now. You're going to not just do this. Kind of willy nilly. You're going to look at three specific categories to expand your center of influence category. A things you like to do anyway. We put that first. Because we know that you are more likely to actually do it most of you. That's all you'll do and if you do that at a high level and you do it like we ask you at times a week consistent. You're good you honestly most of you. Especially if you have a higher sale price rob johnson. If you're just going to things where other people are were you have shared hobbies or or. You're all sports hobbies sports arts you know. We always talked about orange theory so those are some examples. The category number be will kids to great kids. Kids kids mommy meet ups totally dates. You know all we have to do is like go to the beach and would count and we're about to go pick up zoe. Insure the misery of the school pickup. Yes nine hundred parents descending on okay so be as business networking for the sake of networking. This can be things like. Bni business network. International chamber of commerce toastmasters. Really good because it makes you speak and then category. C is charitable events like auctions. Food drives toy drives fundraisers we like the charitable event thing because that to be with a more expensive crowd you know that's their thing is philanthropy or charity and that can have a nice byproduct of raising your average sale price. Bu being you around other people who are like you and essentially just normal natural conversations like we told you in the first few days of this podcast. That's all we're asking you to do guys. We're not asking you to fake it. We're not asking you to show up at your church and start passing out your business part. You know wearing lizard shoes a white belt. All these reasons and excuses you guys have for not actually doing the real work of real estate. You can't do that. you can't go and share a hot interest in a specific hobby. You have by the way it could be golf. Those of you who play a lot of golf. Juliana coaching client in austin. Dave something or another. And i'll never forget this. He actually was so adamant that he wasn't going to do ever any kind of anything. That was proactive and so asked him what he would do and he said like to play golf until julia asked him about that. He said i'm going to play. I play golf three times a week. And i always play at the same guy. I mean this guy loves golf. And so what she did is she gave him some rules right and then his business went through the roof and the biggest thing that he started doing is letting them know that he wanted to help them by simply saying by the way who do you know thinking about buying or selling that she helping in this business and that's all it took for him to have his business go to the next level so he's now and they're the role was he has to show up. Play golf with different people not the same guys all the time and always just play golf half fine and remind them reason real estate and he's always interested in helping them and it took him to have one of his golf buddies list and sell with somebody else before he realized that he needed to hire a coach essentially build the confidence of knowing what to say it had to say it. That is the key. That is what coaching is all about. If you guys are not yet in our coaching program what the heck are you waiting for. Text the word success. Two four seven three seven two text. The word success two four seven. Three seven two. And when you do. We're going to text you back the real estate treasure map and they're also going to text you back the opportunity to have a free coaching call. With what our new member coaches. We have to end the show a little bit early today because we have to as you guys been hearing. Go pick up zoe and we're running the show a little bit late today. But in the meantime you have a fantastic day. Oh thanks to all of you. Who are joining our coaching program. You found your real estate home. You're going to really love it here and do make sure you're attending your daily semi private coaching call with one of our new member coaches. I'm sorry with your coach. Now that you're joined in the program and also if you are interested in becoming partners with giulinai at esp please feel free to text me directly at five one two seven five eight zero two zero six five one two seven five eight zero two zero six in the meantime. You have a fantastic day and we'll talk to you on the show tomorrow. Various podcast is a part of the c. suite radio network for more top business. Podcasts visit c. Suite radio dot com.
Interview: Data Center Sustainability, 'The Onus Is on Us'
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to re dot kpmg dot us slash trust to learn more. Hello and welcome to seven layers. Where every episode. We look at a different aspect of technology from literal wires in the ground to switches routers. And all the way up to the exploiting smart devices around us. I'm your host connor. Craven associate editor. 's teac central this week and continuing to look at data centers in their impact on the environment. In just a moment. You'll hear from ali fan president of the data center consulting firm. It renew one programming note. This interview was recorded on august. Twenty fifth so when you hear ali referenced. The un's ipc report on climate change as being a week and a half ago. That's why if you haven't listened to the last episode on data centers and the environment. I highly recommend going back and giving it a listen before alien. I began our conversation. I won't delay any longer. Please sit back and enjoy my interview with ali fan of. It renew all right listeners. Today joined by ali. Fen president of the data center consulting firm. It renew hello. Allie how you icon great. Thanks for having me. So what's your history with the environmentally with environmentally conscious technology. You know what makes knowledgeable on this subject. You know i. i've been. I spent the past twenty years or so building. Enterprise cloud infrastructure technology companies and will run had some had some direct personal experiences. That caused me to really pause and think about kind of the potentially sort of negative implications of of the scale of physical infrastructure. So principally kind of the first time. I've really thought about it was Was wanted seagate. And obviously seagate manufacturers and ships millions and millions drives every year and i became aware of the fact that for data privacy reasons tremendous amount of drives get shredded when they get Decommissioned from data centers. So i started to started to really be aware of and conscious of the waste problem tied to to physical infrastructure in that in that experience and then i was super fortunate to have the opportunity to to take a little bit of a step back and really think about Kind of how sustainability and technology intersect. And how. I might play a role in that in about twenty fifteen and i got got very focused on circular economy so i searched starting to very much study. You know how we might use business. Technology innovation to to move us to bend the arc of our global society away from such a linear model into more about regenerative circular economic model. And and actually went back to school and did some. Did some graduate work on the subject and principally on the public's public policy side and then found my way to it renew which is really a fantastic platform for you know thinking about launching a transformation in the industry away from linear model into a circular economic model. So really the past three years that. It renew have been a deep immersion in all of this everything. From from data science and life cycle analysis and carbon accounting to an a business model innovation and thinking about and quantifying the cost the cost of our infrastructure from a a bologna ways perspective and also at embodied carbon perspective right So you mentioned a couple of those aspects of why data center infrastructures are so harmful to the environment. You have your e ways your carbon emissions and carbon footprint so are there other aspects that make data center infrastructure harmful to the environment. Or can you at least go into a little more detail about why e- wason carbon footprint are such big Influence sure. I mean the way the way i think about it is when we look at data centers. You have to think about kind of built environment you have to think about. It equipment and then you have to look at those things across the full life cycle right so you have a appre. Use phase all of it whether that's the wood or the concrete or the seal. That's an building The the age track equipment and so forth. ups is and so forth. there's there's a pre use manufacturing phase all of that that carries a significant carbon carbon impact. And then there's a use phase which is super important as well right. We were running many many many many many megawatts in gigawatts of capacity in in data centers. Globally and that number is is exploding. And so there's a you know what is the mix of grid right. How green is my energy. How renewable is my energy portion of this and then there's an end of life as which is okay. What happens at the end. What happens at the end of a. I use A first lifetime within data centers. You know do. We go immediately into a recycling process. Where there's like sorting and shredding and smelting and so forth and material recovery. What's the environmental impact of that or do we create secondary lives. How much remanufacturing do we have to do. So really you know the way to think about it is is. What is the the carbon implication for across all of the phases of that in the middle in the use phase you know what is the actual energy consumption of data centers right. And they're all they're all very important to look at because you know it's just an inevitability that that you know not everybody even in the use phase not everybody can can just purchase one hundred percent renewable energy and we're running data centers in lots of places the world including in the united states where the the grids are not particularly green yet right. So there's there's an impact across the life cycle. What's interesting. is that when you do. A life cycle analysis very common deployment models as people have done a very good job over the past decade of not just shifting to renewables and and also upsetting upsetting energy consumption but actually really improving the efficiency of data centers in the form of me that middle use phase bucket. We've really made great strides. We have a long way to go. But we'd really made good progress especially with the largest guys really taking a leadership position there but the manufacturing phase in the supply chain really remains the big the big next focus area because it turns out that as much as three quarters of the carbon that is is you know kind of the the aggregate across the life cycle as much as three quarters of that in very common deployment models is tied to manufacturing so that no while we tackled renewables that embodied or scope three content on the manufacturing side is is the next big frontier. Yeah i think something that often goes under the radar so to speak is the manufacturing aspect of carbon or met. How manufacturing leads to carbon production. I so hot. It's so easy to focus on the middle face. You're talking about where the data centers were in use and how that energy consumption leads to a carbon footprint right so when we look at data center is that organizations use or that hyper and cloud providers us. How much of a priority is making those data centers environmentally conscious For those organizations is are they starting to look at. We really need to make these data centers environmentally conscious or are they looking at things like keeping them secure as more of a priority. It's both Absolutely security is is table stakes right. Everybody that's that that is that is unnecessary requirement to to any data center operation in a key focus area for everybody. But i am. I'm very positive. Positively inclined about kind of the authenticity with which people are approaching sustainability of data centers. Now and and importantly as distinct from even two years ago right. The tide is really turning on on sustainability of data centers and sustainability of the technology industry in general. And you know. I think candidly it's tied to both internal and external pressures right. I think people generally you know not only is there a mounting kind of drumbeat of of reports the latest. Ipc report you know a week and a half ago talking about you know the the much accelerated pace that were on. Even compared with the previous report and the potentially irreversible impacts of the the various human caused industrial era caused climate change so there is external pressure mounting but there is also as a as a as an industry. I do see that that people deeply care about solving this problem in taking a leadership roles. So i think there is a focus on it. I think the challenge candidly is that you know getting to renewable is pretty. Well understood problem. It's like hey. My data center consumes this much energy. I can either purchase that. My i can run. I can run a portion of that on actual renewable green energy. And then i can offset i can procure. I can do credits and so forth. So that's a relatively well understood piece of the puzzle to solve for what's much less understood in much more challenging and we hear this from our partners across the ecosystem whether that's our upstream might refill partners or our downstream customers who are procuring. Second life equipment us. In all cases companies have set big net zero goals and they recognize that the supply chain is the significant majority in. This data is well published whether you go to cd. Pnc people's reporting and so forth in every case people supply chain is is the lion share of their toll carbon and decarbonisation of the supply. Chain is terribly difficult problem right. People don't have they don't control the whole supply chain. They supply chain is globally distributed data is very obscure and opaque and so you know while the intent i think is universally presence. Now especially among hyper steelers. It's still a big hill to climb ride. And that's where. I think we all have to have to think about. How do we work together as an ecosystem to evolve protocols. How do we work together as an ecosystem to to advance transparency of data to be able to quantify to take action to be able to give credit like all of this is all territory ahead of us but but the the very positive news is i. I believe people are conscious of it now and they are intention know. They are intent on making a difference. You mentioned about using green energy and procuring energy in different ways. Could you go into more detail. About what approaches technologies there are the can make data centers more green absolutely so again as with any of these issues. You know many many different tactics right. Renewable energy is is is kind of chapter one. Everybody has to do that. We have to assume success on that we have to continue that quest. The next place to look is is all the supply chain stuff. Cc actually really interesting. We're going on especially in europe with Newer data center colo providers who and surfrider's who are who are looking at the full physical environment and saying wait a minute. Let's make let's design a carbon negative data center right and so they're doing things like building out of reclaimed wood. They're doing things like heat. Recapture back into the municipal grid or heat recapture to heat you know agricultural greenhouses and so forth and so and they're situating data centers in places like the arctic circle which have have access to a hundred percent hydro power and so forth and so so you do see you know from physical built energy footprint perspective and and on the materials perspective the leaders. Innovators are doing a really good job of pushing the envelope there right. You also see related work on things like green concrete and so forth where people are saying. Hey we have to focus on on lowering the carbon supply chain and the big one that of course we're focused on is don't stop there right. Don't stop with the data center built environment the. It equipment is the majority of the carbon the it equipment is the majority of the t. co the total cost of ownership of the data center. So let's focus on it and figure out. How do we make it more sustainable. And there's lots of parts of that you see technology you know system builders who are doing a good job trying to integrate recycled content into their original equipment and so forth. But then you know the next think the next playing field is hey we're deploying globally fleets of millions and millions and millions of tens many tens of millions of servers globally and that equipment every every user of that equipment has different life cycle expectations and different life cycle management policies. Very good reasons. So some run at very short run very long and i think the onus is on us to think about life cycles in lifetimes in the aggregate and we maximize those lifetimes in the aggregate by creating second live by greeting third lives. And when we do that what we're doing is we're deferring a corresponding amount of new of new manufacturing related emissions in at the scale that the global data center industry is operating. It's a it's a massive massive impact right if you're talking about. Hey there's a there's forty percent of the world that's not online yet so they gotta get infrastructure out. We gotta continue to scale infrastructure. But why don't we do that with equipment. That is like the certified pre-owned bmw right. Let's not build a whole bunch of new stuff when we already have kind of an outbound stream from the largest feelers that is is massive and best in class quality. Right so i think you know. That's that's the next big brunt deer premiers avoided emissions in. How do we start to make sure that we're maximizing lifecycles in the aggregate knowing that the significant lion's share of the of the carbon tied. it is in manufacturing. And especially with all these greenfield deployments that are going to be upcoming as we get that remaining forty percent of the population online or Even with the new silicon manufacturing facilities that are being built currently to resolve that high demand on silicon that movement to doing it in an environmentally conscious. Way is definitely a lot easier than the than changing the existing infrastructure. These brownfield deployments and trying to turn them green. What could organizations do with these brownfield deployments to make them more great. Well i think you know. I think everybody has an obligation to continue to to as they evolve their remember structure to think about doing that in the moss responsible way riot And so so people do you know. Hey it's not. It's not perfect to kind of sin and repentance but but if you if your data center is not running on totally green bread then then you shouldn't be buying offsets credits right. let let's do. Let's take the actions that are available to us. And then of course you know as companies like enterprises think about hey. I'm running in a in a kind of traditional older data center. That might have a me of three point zero. There are much more modern data centers in colo facilities that are are designed to be very sustainable. There one point. Oh five there in green grit locations and so forth you know we should think about the analysis the whole analysis says. Hey you know is it better. Where are the trade offs between staying in an older facility and not building a new one versus the efficiency gains that i get by moving to a new and i think you know the calculus there is a bit different but there are absolutely there there. There's a way to. There are good methods for analyzing the stuff and i think you know the logical. Even the existing facilities in existing deployments will see an evolution. We should see an evolution to more modern facilities and existing data centers re purposed in many many ways so that that that that to avoid future missions in different capacities but i would encourage people to use whatever tools are available and as you think about expanding as enterprises think about expanding their fleets. They should be thinking about doing that with sustainably sourced you know. It equipment right. Think about the recertified option thinking about you know. How do i want to approach this ryan in our do. I have better choices right in. The good news is there are better choices available today right. I mean there. There are new ways of doing this. Do not compromise quality performance warranty any of that stop and actually are not only more sustainable or cost effective. So i think no the challenge turn up. People is challenge the status quo. Don't assume that the wave always done. It is the right way because there are incremental gains to be had no matter what stage or or state of deployment in yeah. I think that's very important. I agree It reminds me of when i took an environmental ethics class college and the professor was talking about climate change. In how progress did ben even three years ago or so Closer to four and how we have to use everything at our disposal to try and go to resolve climate change and not just picking and choosing what's convenient or what fits A personal opinion as much And i think that kind of lines with what you're saying doing as much as you can with what's available right that that's right in. There are techniques and solutions available to everybody right. There's no question yeah. So what role does standards standardization play in. This is a making progress. Is that effective in helping make. It infrastructure more green. Yeah absolutely absolutely does so again in this. This this is our focus that it renew. But it's it should be everybody's focused because we've been talking about about the the massive impact of embodied carbon in physical it equipment in the hardware itself now. The good news is as as people have pushed. Proprietary advantage in architecture in business intelligence up into software and they've standardized hardware layers and moved to things like open compute platforms and odium white box standard components. What that does is. It enables a company like us. It renew too much more interesting things with that equipment in create money more interesting pathways or in second life opportunity for it so if you think about a world where everything is very proprietary then then when i get that equipment coming out of a hyper scale data center and it's it's only three years old. It's fantastic shave. It can be you know. The problem is if it's proprietary. I can't do anything with everything is locked down. I can't the firmware. I can't reconfigure it for me to be more useful for enterprises at can't do various software certifications on it and so so my options and the downstream consumer options or at are very much more limited and so often case. What you see is that that stuff gets harvested components and then the rest of the rack and a lot of the a lot of the components other than kind of memory cpu and so forth. Go into the way to. The recycling stream now ran the the major days in a row. Raiders are doing very good job of responsibly recycling but it's still away stream right whereas when we moved to more open and more standards based commodities and systems architectures than we have much more sophisticated options available to us such that. Now i can take iraq. That comes out of date out of data center. And if it's an open compute rack. I can turn that rack into whatever is necessary for downstream enterprises to your two three clubs providers. Telcos edge deployments and so forth to say. Wait a minute okay. maybe an. it's burst life. It did it only needed one power architecture now. It needs something different for new colo environment. Maybe it needs more onboard onboard. Nbn me. i can reconfigure it. Maybe it needs the firmware updated. Maybe it needs a different switch or so forth and oh by the way. I'm going to be more certification and so forth. And so now i can take that same rack the physical hardware in instead of harvesting components. I can sell that rack. As like the certified pre-owned bmw of the data center. It world. and then i i. Defer a tremendous amount more manufacturing so. That's a huge sustainability impact. And i can deliver that rack at like the two percent of the cost and keep the majority of the mass out of the recycling stream so so absolutely kind of standardization of hardware senators ation of components and open architectures in particular play a huge role in enabling us to create a much more robust circular pathways for equipment. That the go back to the original thing of hey. Let's maximize lifetime value and sustainability in lifetimes themselves in the aggregate because that's ultimately where you get the win. Yeah really emphasizing that flexibility of the infrastructure. I only have one question left for you. And it's kind of one that airsu- style that i tend to end every interview with but it's one that is try to andrew Are there any elements of data centers and the environment. That often flies under the radar. When media's covering the topic. I guess i guess the way i would answer that. Is you know we talk about all of the powerful positive potential as we should of technology whether that's a oi- whether that's You know any of it right. The advanced computing power. This stuff that people's advanced computing power and we talk about you know media covers. The gaming industry is a massive massive industry and so forth but the compute power in the resources that go into that are immense right. And i think what unfortunately happens. Is that people. Think about cloud as this magical thing but clown. I often say our heads in the clouds right because there's still physical infrastructure in the cloud. Just because i can now download a net which movie on my iphone and there's not seen coming out of its no coming out of it and i can you know i. I don't personally but people can play these crazy massively multiplayer online games and so forth and same thing like you know it's all in the cloud. I think we would do less of a good job of talking about the environmental impact of technology. And we do you know. And as an industry we have an obligation to actually showcase it and take a leadership role and show what actions were taking right as opposed to only highlighting the good and there is very a lot of goodness right. I mean the data center industry. You know we've talked about the power efficiency. The data center industry consumption has stayed relatively flat over the course of the past ten years while the data universe has just exploded. So that's great. We're way more efficient than we were ten years ago. But we're not talking about the full picture right. we're absolutely not talking about scope three. We're not talking about the physical hardware that's running. That is sort of out of sight to most people right. And so i think that's probably the the place i would focus is. Let's not just focus on energy. Let's not just assume that because it's out of sight out of mind yeah. I do agree that it's important to keep your View more holistic and intersectional in that way while. Thank you for joining me today. ali. I appreciate you giving me the time Hopefully in the future. I can have you back on. Terrific aren't always happy. Happy to chat. Thank you very much. Thanks for joining me on this week's episode of seven layers i've been your host. Connor craven associate editor at sti central. Follow seven layers on the podcast app of your choice. So you never miss an episode. I'll be back next week to educate you on data center architectures and infrastructure. Why don't you take a moment now to head on over to twitter and follow at sdn. Central give my page of follow at the definer underscore s. d. x. That way you can keep up to date with all our content as well as the emcee esher cubes. I've been obsessively drying also. Please remember to leave seven layers or review on the podcast app. Use you have it open. So that's an easy thing to do right now. Reviews really help other people find the podcast or you know. Just tell your friends and coworkers about seven layers spread the knowledge and as always you coming more about the current state of technology over on sdn central dot com. Thanks for joining me. And i look forward to the next episode.
Wall Street Breakfast September 17: Americans Go Shopping
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to re dot kpmg dot us slash trust to learn more. Welcome to wall street breakfast. Your daily source of market news and analysis. Subscribe to this. Podcast on apple podcasts. Google podcasts spotify and stitcher. Good morning today is friday september seventeenth. I'm pimm fox. Our top stories include americans go shopping. A review of kovic nineteen booster shots and housing. Construction gets a green light in california those stories and more but first let's get you caught up on markets. Us stock futures are pointing to a lower open with dow. S&p nasdaq futures. Down as much as a quarter of a percent. A reminder today is triple witching for options expirations increasing the potential volatility the yield on the benchmark tenure. Us treasury note moved up to one point. Three four percent from one point three three percent oil prices have pulled back after five consecutive days of gains brent crude oil declined to half a percent to trade at seventy five twenty nine a barrel. It's still up more than three percent for the week overseas. The stocks europe six hundred advanced eight tenths of a percent with travel stocks rallying on reports that the u k will ease restrictions in asia. Most major benchmarks rose. The shanghai composite is down more than two percent for the week. Gold futures are up six tenths of a percent to seventeen hundred sixty six dollars. An ounce and bitcoin is higher by about two percent trading around forty eight thousand dollars. Now our top stories. The commerce department on thursday reported retail sales rose seven tenths of a percent in august from earlier. That was better than the eight tenths of a percent decline. That economists were expecting while the gains were broad-based three retailing categories registered a drop car dealers electronics and appliance stores and stores such as sporting goods retailers. Those declines were due to supply chain problems rather than consumers unwillingness to spend car. Sales fell three point. Six percent last month as dealership inventories remain low in other economic news. Initial jobless claims rose by twenty thousand last week to around three hundred thousand but they remain near a pandemic low separately. The philadelphia federal reserves business activity index rose to thirty point seven in september from nineteen point four in august that snaps a four month streak of declines a food and drug administration advisory panel meets today to weigh evidence on xtra cove. Nineteen shots the outside panel of about twenty scientific advisers is set to review information about the pfizer and bio n tek vaccine's declining protection against kobe. Nineteen and how people tolerated additional doses if the vaccines and related biological products. Advisory committee recommends authorising boosters. The fda could move within days to approve distributing them. The fda is not required to accept any decision by the panel but generally does in related news. Seattle is set to require kovic. Vaccinations and testing for indoor activities and in california governor gavin newsom has signed legislation allowing construction of duplexes on most properties with one home that curtails single family zoning the legislation also makes it easier to divide existing lots into to making it possible for four homes to be built or only one was previously allowed. The median home price in california rose more than one hundred and forty percent between two thousand and twenty nineteen to nearly six hundred thousand dollars. That's according to the california association of realtors. The legislation could spur more housing construction. The surge in cova nineteen cases in southeast asia has hit ports and closed plantations and processors extending disruptions of supplies of raw materials such as palm oil coffee and tin in malaysia. Pushing up the price of palm oil. That's used to make candy bars. Shampoo and biofuel in vietnam. The world's number two coffee exporter by volume delays in processing have cut exports while poor weather in brazil is also making coffee more expensive. The global tin supply has been hit by kobe. Nineteen related interruptions at a smelter in malaysia contributing to higher prices for the industrial metal. Which is used to connect computer chips to circuit boards in electronics. Italy is making cove in one thousand. Nine health passes mandatory for all workers in the private and public sectors. Prime minister mario draghi's government passed a decree thursday requiring workers including those who are self employed to have a digital certificate known as a green pass. Thousands of protesters took to the streets in el salvador is the central. American nation became the first in the world to adopt bitcoin as its legal currency along the us dollar most marchers and el salvador's capital of san salvador peaceful but some smashed and torched at least one bitcoin atm on wednesday. Some war shirts that read no to bitcoin and sprayed anti bitcoin graffiti along protest roots. The world bank cancelled report rating the business environment various countries after a probe concluded that senior bank management pressured staff to alter data affecting the ranking of china and other nations china formerly applied to join the comprehensive and progressive agreement for trans-pacific partnership on thursday. The initial eleven nation asia pacific trade pack. It was originally known as tpp was crafted under the obama administration. President trump pulled out of the deal in twenty seventeen. France said that it has been betrayed by the us after being pushed out of a multibillion dollar deal to supply submarines to australia democratic lawmakers mulling a carbon tax as negotiations continue over the administration's three and a half trillion dollar spending plan senate. Democrats are discussing a carbon tax. That would charge between ten and twenty dollars per tonne of carbon emissions previously senate finance committee democratic staff included a carbon price laying out the possibility of charging fifteen dollars per tonne of carbon emissions from fossil fuels a tax per ton of carbon emissions from industrial emitters and a per barrel tax on crude oil federal reserve chair. Jerome powell has ordered a review of the ethics rules governing financial holdings in dealings by senior officials at the us central bank. The review follows news reports last week. That dallas fed president. Robert kaplan and boston fed president. Eric rosengren both said that they would divest any holdings of individual stocks by september thirtieth and put the proceeds into index funds or cash. Both fed presidents reported trading individual stocks earlier. This year. invesco is in talks to merge with state street's asset management business invesco shares rose more than eight percent in after hours trading thursday after the wall street journal reported on the talks state streak shares rose more than one percent wynn resorts is said to have obtained a one and a half billion dollar credit facility from the bank of china as it and other casinos that operate in macau face. Tighter government control over the industry federal prosecutors plan to criminally charge a former boeing pilot. They suspect a misleading aviation regulators about safety issues blamed for two fatal crashes of the seven. Three seven max. That's according to people familiar with the matter. Shares of the startup. automaker lucid motors jumped six percent on thursday. After the epa awarded lucid's air dream addition with an official rating of five hundred and twenty miles of range on a single charge at that level. The ev would be tesla's model s long range by more than one hundred miles. Lucid shares are up another five percent in pre-market trading. General motors said on thursday. It will extend their shutdown of michigan assembly plant to mid october. In the aftermath of a new recall of its chevrolet volt electric vehicles over battery issues after ten reported fires. The largest us automakers said the extension of the production. Halt that its orion assembly plan will go through at least october. Fifteenth ford said thursday. It would boost its f one fifty lightning production capacity to eighty thousand per year due to strong demand for the electric pickup truck. The company said that the vehicle would go on sale next spring. The us automakers said it would invest two hundred fifty million dollars at four hundred fifty hourly jobs across three michigan facilities in order to live production. It also garnered more than one hundred fifty reservations for the truck to date. The lightning is an electric version of ford's best-selling gas powered f. One fifty truck reuters had reported the automaker was targeting annual production of more than eighty thousand units. That's up from its prior. Target of more than forty thousand. Units tesla has opened. Its first store and repair shop on native american land. The voiding car dealership laws that have prevented expansion plans across the country. The store and service center is about twenty five minutes north of santa fe and is not subject to laws that had prevented tesla from opening stores elsewhere in the state ten states including new mexico texas and connecticut have laws banning direct sales ernie garcia the second. The billionaire father of used car dealership car vanna. Ceo has sold more than three point. Six billion dollars of company stock since october the wall street journal reported that garcia and his son ernie garcia the third continue to control more than eighty five percent of the company's voting power. Close to half of all new. Us gun buyers since the beginning of two thousand nineteen have been women. The preliminary results from the twenty twenty one national firearm survey. Show an estimated three and a half million women became gun owners from january twenty nineteen through april of this year about four million men became gun owners over the same period and roger roger ratnam the former hedge fund manager who was sentenced to eleven years in prison in twenty eleven for insider trading is publishing a tell all book russia. Ratnam serve more than seven years in prison. The first all civilian crew on elon musk's spacex mission to orbit. The earth travel nearly six times around the planet on their first day in space. Now here's the market update. Us stock futures are lower with dow and nasdaq futures. Down as much as a quarter of a percent. Today is triple witching for options increasing the potential for volatility in european equities stocks europe. Six hundred index is up three tenths of a percent stocks in asia closed higher the yield on the ten year treasury note rose one basis point two one point three four percent. Oil futures are down from a seven week high with west texas intermediate down eight tenths of a percent to seventy one ninety seven a barrel. Gold futures rose six tenths of a percent to seventy eight hundred sixty six dollars. An ounce after suffering the sharpest daily decline in almost six weeks on the calendar at ten am eastern the university of michigan releases. Its consumer sentiment index. Thanks for downloading this episode of wall street breakfast if you have comments criticism or suggestions to make the program more relevant. Please do so. Below your feedback is greatly appreciated. Have a great weekend. fivefecta concludes. Today's wall street breakfast. Thank you for listening for the best news and analysis on the web to seeking alpha dot com to subscribe to this podcast to apple podcast. Google podcasts spotify and stitcher you can sign up for our other. Podcasts alpha trader and the cannabis investing podcast on those platforms as well.
Netflix wins big at the Emmys (The Daily Charge, 9/20/2021)
"This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders that's when your business has a solid platform to grow. That's the trusted imperative. Kpmg risk services develop and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more. The emmys were last night and netflix. Dominated the show we look at what series one and wide net flicks is the king of tv right now. I'm oscar gonzales filling in for roger. Chang and this is your daily charge. Joining us is seen at senior reporter. Joe salzman welcome joan. Thank you all right. Well let's break down the show last night be who are the big winners in and one who who won. Let's put it that way. Well we're talking networks slash service. Netflix As you noted was the true winner of last night it one more emmys than any other network at one more enemies than the next two companies combined and it was the first time in years that hit that it outright beat. Hbo and the number of wins at tied. Hbo once in two thousand eighteen but really hbo has been the king of any statues perennially for for years. It was also the most emmy wins that any net tied cbs way back in the pre Streaming pre cable dominance era. Cbs one forty four emmys in one ear. And that's the most up until the only network. That's one that many up. Until this point. So in terms of the companies i wanna flex was was clearly out ahead and then partly. That was because of some of netflix is shows the crown one At tied with the queen's gambit for the most emmys first single program they both want eleven and then among others you know there are a lot of standouts from scrappy your upstarts from apple d. Plus for example ted lasso. They're sort of sports workplace. Fish out of water comedy series won seven awards total Including big awards for comedy series and three acting awards last night so it was a big night for streaming services and a big night for some Buzzy rituals that may be people hadn't heard of before and speaking of shows people may not have heard about it. Were there any surprises last night. I mean the crown did take a ton of awards. People are expecting that and again like you said ten ten lhasa one a lot and again everybody was expecting. But were there any sort of surprise of the night if you will. Yeah you know the queen scam. It was very one for limited or anthology series and that was a really competitive category. Going up against it was mayor of east town. Which is an hbo show. And that had been Winning a bunch of earlier early night for acting and was also a little bit surprising. Ted lasso had a great night With the orchard at one but it there had bins or like eager people eyeing the possibility that it could sweep all these comedy categories. Like every comedy. Category that it was nominated. But there's Sort of rival comedy series. If you will from hbo max called hacks that one for comedy series frightening one four lead comedic actress and also for directing. I believe in a comedy series. And so i think that was a little bit surprising if it certainly was jean. Smart who won the acting nomination. She was definitely among the the front wonder front runners. So all of these nominees. I think there was a lot of consensus that there were many. You know there were a lot of categories that just packed with stinkers. There's a lot there were some really strong contenders in almost all the categories. Just because i mean it speaks to the fact that we are in this era when whether you're streaming service a traditional company with a few service or just a traditional media giant everyone is pouring money into prestige television. Because that's the way that you get attention like ted lasso has more search interest on google tonight than it has ever had and its entire existence by far and that's because it's really a crucial marketing tool as all these services all these companies are trying to get your attention is you can win emmys. And that's one way that people know all the billions of dollars you're funneling into your tv is actually producing decent. Good wanna watch. tv now. Even though netflix did dominates last night's show which focused again like you said on acting and of course the big overall awards for genres the week before though that was a those were the technical words noser not as big a show their night data will have the big red carpet but in that case. That's where some of these some of these other companies did put in that put in a lot of money into the programming dizzy. Plus that they did win awards there for some other shows like demand laurean right right. Yeah like the companies themselves. They like to count up there. Tallies as you know normal people regular tv viewers. they really only pay attention to you. The primetime telecast for the primetime emmys they don't really pay quite as much as unless you're super fan of a particular series or you are personally interested in cinematography or special effects. People don't pay as much attention to the to the creative emmys. That happened the week before. But like you wouldn't if you don't pay attention to those others sort of technical and artistic. He's you wouldn't realize that disney plus with the man delorean. The middle line had just as many anyone's lassoed is just didn't win any last night during the primetime awards So you know what. How much does it really matter to. Normal people like the counts of. How many total emmys if it's not like an emmy that you're If it's not a category you're particularly interested in. What does that really matter. But you know one thing that does matter as basically networks was almost was virtually guaranteed to come out of sunday night having those suburbs because it went into sunday night with so many emmys from the ceremonies that happened prior to the ones the one that was broadcast on. Cbs it was essentially. It's titled to lose and so those enemies are definitely important for the people in them and the people that are nominated and their importance of the services and companies networks themselves because then they get to crow about how many one But definitely the things that are getting buzz today among people tv viewers and people that these services networks want to you know lure into their other programming to its these ones that we saw last night during the flashy star studded event and what's affected the pandemic have on the emmy so not for the show itself. It seems like netflix was pulling all these great shows out of. Its bag while disney. Hbo they were kind of scrambling. i mean obviously. We didn't see the big. You know what would have been a probably a big contender for best drama series with the succession. That's going to be coming out next month. And then that was likely delayed because the pandemic along with much of other shows so did netflixing lee benefit from the pandemic where they had all these great series. Ready to go Instead of waiting having pushed back well it wasn't the thing about net flicks being prime positioned for the pentagon. I think about people. Think about how net flex was in such a great position for viewing during lockdown. Because it's the go-to streaming service of the biggest in the entire world and that's true that's absolutely true but the thing that was really crucial in terms of having a pipeline of of shows available to dish out. It's doesn't necessarily have to do. With the fact that is a stream of it has to do with its binge -able model like the fact that it sort of pioneered this model that every single episode of a season or a limited series is released all at once whereas pretty much every other streaming service has generally kept with the weekly installments model. You know like coming from traditional linear television of getting one episode every single week. What that means is net. Flicks is benefiting from two things netflix as spends just more money than most companies on its television just has such a gigantic pipeline of tv that that helped it but also the fact that it has to release every single episode at once that waits the creation of its series much earlier in advance and so it has the final episode of series ready for that day that the first episode of series is is out whereas other you know especially broadcast near the weren't a lot of broadcasts shows Know nbc abc cbs. fox Especially the broadcast like the first episodes. Come out and there. You're still doing post production on or maybe even filming the latter ones of your season when your season spans twenty six weeks or whatever it may be so. The answer is yes. The pandemic did sort of work to net flicks advantage in this installment of any season. The emmys calendar the production delays. That other people had to deal with epochs. Didn't have to deal with quite so much but you know. Part of that is just calendering. You know like netflix is in doubt a stage in terms of what it's able to put out that it sort of kind of its delayed from the other ones but did have a bit of a rut. The last six months. I mean a relative so much stuff. It's aren't even tell when there's a bit of a rut but it did you know. Those delays did catch up within its just later than other production companies other production studios other networks. Had to deal with and we're about to hit into academy award season. Netflix has not done as well with the with the movies But could have a breakout this year because again like you mentioned the way they the way they produced producer shows. I mean movies are the bubis are kind of the same way in that slowly. Get all the whole movie out is couldn't afflicts be as surprise darling at the academy awards this year. Yeah i mean it's certainly true that the oscars have been more resistant to streaming contenders. Just because there is. I mean we see it all the time about these. You know this. Uproar of directors and talent win during the pandemic movies are available to stream the same day as they're available in theaters. There's a lot of talent that's really not happy about it Whether it's for nolan. Just because he's so invested in the cinematic experience for his movies or if scarlett johansson with marvel who you know feels like her compensation. Her contract wasn't designed to compensate her fairly for a situation where the movie. The gigantic blockbuster marvel movie that she's in is available on disney plus for a fee the same day. that's that it's in theaters. You know that wasn't baked into how she's supposed to get paid So certainly i mean that just speaks to the fact that there's there's such a dedication to the traditional models in film more so than in television which is already a you know a home viewing platform streaming was not nearly as threatening to television as it was the cinema but Last year net flicks had never has never been able to clinch the crowning achievement. Which is best picture. But it had a lot of success over a number of years growing success over a number of years at the oscars. What i think will be interesting is during this year's oscars it levels the playing field right like nobody can really hold it against a movie if it's a streaming only movie or it's a day and date streaming at theaters movie because every studio had to release movies that way there was just no choice During especially in the previous oscars but also in this oscars and so what might be interesting as another streaming service manages to sneak up through the ranks and beat net flicks to best picture. You know like apple. Tv plus had this movie has been called kota which sweeps all the big awards at sundance this year will. The oscars are really hard to predict. What's going to win best picture but it might be interesting to see if like some little upstart apple. Tv just just it. It just launched two years ago to be funny of a little upstart and streaming manages to win that big prize before netflix does well. We'll have to take a look at that win. The oscars comes comes on tv again. Thank you joan for your time. You have any questions. Hit us up on twitter at the daily chargers cited for direct text messages from roger by heading to seen it that co slash daily charge. And if you like what you heard please. Rate and subscribe to the podcast. It really helps us out for today. They charge oscar gonzales. Thanks for listening.
2/2 The Power of Positive Negativity! Phillip Stutts
"Hey this is phillip stutz author of the undefeated marketing system. How to grow your business and build your audience using the secret. Formula that elects presidents on today's show. We're going to talk about the incredible world of marketing and how it is absolutely rigged against ninety nine percent of businesses and stay tuned. Because you will learn how to beat the game of marketing win and all the things you do with your marketing and grow your business no matter how much the tech world changes and tries to disrupt you. Hope you'll tune in. And i love being with my buddy baron. The leadership and loyalty podcasts. This episode is brought to you by. Kpmg risk services kpmg. Believes that when you've earned the trust of all your stakeholders business has a solid platform to grow. That's the trusted imperative. Kpmg risk services developed and put in place dynamic risk strategies designed to help your business earned that all important trust go to read dot kpmg dot us slash trust to learn more. Welcome back to hot too delicious conversation with mr phillips stocks. He is a bestselling author who comes from the cut-throat world of political and corporate marketing. His resume is quite massive and he's being the marketing end of over fourteen hundred election victories including three. Us presidential victories and he's presently working with multiple fortune two hundred companies. He's been a guest out show before and never show on powerful insights and ways of understanding marketing and are not just. Somebody can honestly. I'll be honest with you. We turn people away was say. Can i come on the show. Talking about marketing no yukon and the reason for it is that it. Philip is a i mean obviously as i said impa won. His resume is exceptional in the cutthroat world of political. Marketing has got to be the toughest wrist but on top of that he understands what's going on in the marketing world. The in a way that so few people do in the new book. Which is the undefeated marketing system. A you talk about punching the competition in the mouths Particularly in chapter eight so told us a little bit about example. Sort of count. That means by the way. I love the aggression of that as a as a statement because i think a lot of times it's not about being an ass but it is a bow. Stop being wimpy about it. So don't us about well. I do come from political the political world. So what i learned i wrote about this row chapter in my first book Fire them now that you had me on for and i decided to write another chapter in this book because it was the most popular chapter in my first book and wrote another chapter. Had nothing to do with the undefeated. Mario system like i just wanted to write another chapter on a. It's really you know the chapter in the first my first book was called Going negative and so many people reach out to me and said i would never do something like with my business and i went. Oh you know what. I got some bad branding. So i got some data feedback right and then i said i got to figure out a better way to soften this because people it freaks people at the say. Let's go negative on your competition right. No i came up with the term called comparator is is just comparative advertising. You broad together. So it's called compared to me. If you really wanna know what my third book would be it was going to. It's going to be called comparator like dad's the done deal all right. That's gonna be the next book right. It's rain the art of the negative ad into corporate america. The difference is that in and in the political world. I can take a sledgehammer to my opponent's head and as long as i don't offend fifty point one percent of the market i win doesn't matter right and that's why we go so negative and so brutal and some of the ads that we run in the corporate world. You can't do that. You're dead if you offend half the marketplace but you there is a way an artistic way of doing this that draw that doesn't offend anyone and draws deep loyalty to your to your company and gives you when you're tying right having to break through a clutter of ten thousand ads a day. We talked about earlier. This is literally the most successful Marketing strategy i have ever employees for any company ever. I'll give you an example of what i mean by not offending and drawing loyalty and drawing distinctions. We worked with a high end tee shirt sweat company. Let let's say they're a competitor to limit. And i think that's the right that's marketplace but when we looked in their customer data we thought who should we go after lulu like. That's a competitor. We should go after them. We looked in there In their day to the customer data the one that we talked about in part in this episode and we found out that wouldn't that would be a disaster if we went after lululemon. What we found in the data was that their customers were buying their high. End sweats and tease. Because they didn't like cheap sweats and teas and teas that fell apart or didn't fit they. They like tight fitting because they were in good shape and whatever it is and i said oh there's an idea and so we ended up running a campaign was the most successful campaign they ever ran history of their company. And it said. Don't buy your clothes. Shoe company and the tagline was. Just don't do it now if you follow me here. You're smiling right are you. Is your sensitive capabilities. Are you very offended right now by that. Well i'm feeling. My snowflake stopped. I so nobody's offended by that but what is it. It's a shot at nike. It's a shot at all. The big shoe brands that throw all their cheap workout gear and t shirts and throws in the marketplace right. The tagline. Just don't do it. Obvious shot at nike. We don't say nike and but we ran that ad and it was literally the most powerful have we ever ran for that company. We worked for a supplement company and we found out in the data there That their customers hated soda. Do this is how. How would i know that. I don't know but we found out that they hated soda so we ran an anti soda campaign for this particular supplement company and it was the most successful ad they had ever run and the reason being is it didn't offend their audience. Their audience already didn't like soda. Think we've found something like seventy three percent of their customers didn't like soda and so when we ran retargeting ads to them. And when we ran modeled audience in new audience targeted ads. We knew that they didn't they didn't like soda. Like the vast majority of new seventy three percent of your marketplace did not like something. Why wouldn't you play off of that. And so no one's offended by that it was incredibly successful and win the consumer. That sees ten thousand dollars a day. A their favorite t shirt company saying. Don't buy your clothes from a shoe company. Just don't do it. They laugh and then they go. That's right. I don't like the cheap bastard. Tee-shirt companies that are exploiting the uber's in china or whatever it is right there like no way like you're drawing loyalty to now from already. Don't care about this. They already care about high stuff. Same thing for the supplement company when they see this. And don't you know we had this big anti soda and it said i hate so to to those guys get me. It's empathizing. it's playing in working towards like understanding. What the customer wants and delivering that to them. Yeah so one of the things that we teach Is no the enemy and tell me right. So it's not the enemy is is if you are approaching your marketing Without the psychological understanding of who the enemy is to your customer right. Then you're you're you're gonna seem wimpy going to seem like you don't have any substance and they are not gonna feel like you know them or you get them and one of the things. I teach them in. This is an. I give this example old time and and i know you'll recognize it. I say everybody in the room. you know. i've got my ceo's seat okay. can you remember falling in love. Some of it was a while ago. But can you remember yes okay. When was the moment you knew your in love. I don't know. I say. I know when it was and they go. How can you know when it was that. I knew i was in love and i said because if you didn't if you if you if you didn't have this moment you've never been in love and they go okay. What is it from a psychological point of view. I'll say what is. Here's a quick story. My buddy todd said to me after he'd met my now wife and we were dating about three or four months and he goes. How's it going. She's really awesome. And i said i'm going to marry her and he's like what really i was thirty nine. Yeah i'm gonna marry. He's like okay. I'm surprised and i said why he goes wise. You're going to do that. And i said as i said the woods i knew what i'd gotten. I knew i'd been looking for this and i said she gets me. That moment of feeling is the moment of feeling bonded and connected the mirror neurons in your brain. Working oxytocin is flowing in the brain. You'll finishing each of the sentence you get me you get me is universal for. I'm in love so you have got to get your customers to get your right. You have got to get your customers. You can't do that. Big eight without an enemy and because that's the way the brain is set up. They need to say you know. I'm i'm with you on this. This is why we had political things that have been extremely right. Or extremely larry and is why it's difficult for you know for most people not all people but for most people to say the nuance of things. Like i don't like donald trump. But i really liked this policy that he put forward and i think that was really good. That's a difficult thing but most people to do but it that is a market in anonymous self but if you can understand this these people don't like soda or don't like sheep and you talk to that they don't go You know these are the anti soda. People they go they get me. And that's that's the crux of it. And i think this is where so. Many people psychologically missed the mark in marketing is who get how do you. How do they know you get them. How do you get to them to have that message forward. I'm part of that. Is to know enemies. State the enemy out loud and you obviously did a brilliant job of that was just. Don't do it. You did that brilliantly with the soda. I i. i applaud that enormously. Well yeah they get me is what we're trying that was very Very well said. I'm actually going to steal that. It was really well. That is what we're trying to do here. You know i. I hadn't thought about it. But that's exactly the outcome they. It's the psychology of my whole thing is. You should be like i as a marketing agency. We should be working ourselves out of a job every day. We should make the customer so loyal to that product that they don't even need a marketing agency. And so you know if we talk about the the five steps undefeated marking system. But that's the whole point of it is to build a loyalty now. You see what. I'm where i'm going loyalty. That is gonna drive these people to say you know. I'd be crazy not to not to use their product or service that they get me. The whole point is to get them. Yeah exactly. I mean if you look at the top of the line products. They don't try and sell the product. Now they sell. I get you. Yeah right harley davidson. One of the most loyal brands in the world people have that tattoo of that brand more than any other brand. That's pretty insane. I'm gonna mock my body with your brand advertising anybody with a honda motorcycle on their arm. No exactly right suzuki kawasaki. I don't so. I taught the example. I give in the book is yeti coolers yes okay. It's a cooler. it's it's a cooler and people put their bumper stickers on their car. They wear their hats everywhere. They are so fricking loyal to a cooler. They drink all their drinks out of it. They buy the coolers for they thousand dollar coolers because they're so loyal to the brand. It's incredible and question is. Why aren't we all trying to do this. Why are we not trying to figure out how to crack that nut in your business instead of going. Maybe we should run a bunch of facebook ads. but that that's what i was saying at the beginning of one. It's a question when not asking so. I often say that people are asking the wrong questions. And i don't think that most people are even asking that question now they go on holiday with soon. I'm not bmw. i'm not do. I don't know so you know people the interested versus the committed right common thing interesting. People are interested committed. People you know the the the chicken was interested. The pig was committed now. Just because you work with so many ceos. Ah they all are interested right but so many. Ceo's go. oh my god. I love this. I'm interested. I wanna do though someone do this. And then this little thing. shuffles by. It's called a shiny. Object shuffles right bomb and they go. Ooh but i'm interested in that now and the committed. Just stay focused. Put their head down work when my point on the whole saying that the marketing world is rigged against every business is because if you're not committed to a professional systematic application of your marketing. You're only interested and you're going to lose every time and the the ceo that chase constantly chases the shiny object constantly fails may just every time you have to be methodical and you have to be committed in hate to us. It gets boring. I'm sorry that's what success is. Success is boring. and that's what we're trying to teach. yeah. I'm a very good friend of mine. Who does phenomenal branding. And he said you know The funnel that the formula for success is to be willing to be bored of hearing yourself talk about the same thing or do the same thing over and over until it's drilled into the brain politician gives the same speech literally one hundred eighty two times and it doesn't matter how many times that politician or his staff have heard it the people out in in that he's speaking to have it heard it or if they have they hear it again and it resonates even more So let's you know. I've got a couple of places that want to go in spots so one of the things i want to talk about is the you and i i did a facebook live year ago about the changing value systems are of particular north america. The the the what people want what people value now is different than it was in twenty nine thousand nine hundred and the intro that oftentimes people in marketing as if it's twenty-nine teen and in twenty twenty one and beyond they have to come at it from a different value system. Talk about what you found and why that's really important for us as leaders to potential. Yeah well the world fundamentally changed Not not just in the sense of the pandemic but the consumer consumer all change now. We are a country of haves and have not we're con country of consolidated power verses people that don't have power And i mean that money wise or politically or whatever right It could be You know that you've got Politicians out there Mandating certain things and you have other politicians saying we're not mandating anything but it's all former power and You've seen the you know if you told me in march twenty twenty. Hey you should go by Facebook stock amazon stock and apple stock. In you're gonna Connects your wealth out. Been like are you crazy. No they're already high there already too high. There's no way And so we've we've got a world of oligarchs and that's just where we are mean more scared. People were scared that the marketplace right now is going to bust at some point And things are going to settle back down and even out and they may or they may not mud alternately. We see this in the data over and over again. Now we'll give you background for everybody. That's listening the background. So we have a partnership with the largest data collection analytics and ai. Company in america. When i talked about all this How we look at customers in the past. This is what we do but we were about to answer for for of here and you guys is. I'm going to tell you about what we found in that we give away for free so you can get them. But we have two hundred million plus american consumers in our database five hundred and fifty million connected devices. We track ten billion purchasing decisions online purchasing decisions every day and a million billion with a b. and trillion searches. Wow yup i would venture to say. I've probably looked at more data than maybe consumer data than maybe anybody else in the world over the last since march of two thousand twenty and what we've seen is how much health things how much changed right. The number one factor right now is trust. There is a lack of trust because of the way the economy has gone that there are people making a gazillion dollars right now and there are other people that go how come been left behind. Am i going to buy this product. Is it just gonna make you know these guys even richer or i don't know there's a lack of trust in the marketplace so for me what we're really seeing right now is just the messaging everything has to be around trust but we have. We have businesses. We work with i go. I don't understand. i ran ads. The ads got a clip that it can convert what's going on. You know you said this earlier. But i mean i like an commerce and i go. People don't buy your by. Your product was seen one ad. They don't trust that you have to get them to go from seeing your ad discovering your ad to being curious about your ad to clicking on the ad to going to your website to learning more about your story till two watching To sing if you've got you know five star reviews or you've got some validation from someone else that says your your product is a good product to buy in may take eight or nine different touches to get to buy a product right now and so so it example talked about this before maybe on on one of your podcast we work with a big pest control company national pest control company and when we worked with them one point they said we came up with an idea that ninety nine point nine percent of businesses would never do but we set them on a path of massive growth for ten years by doing this one idea and that was. We told them that they should run a massive marketing campaign. Not to get one customer really. They should go to their current customers and run a massive massively expensive campaign to get five star reviews. Wow we got fifty thousand five-star reviews out of that campaign. It didn't get them a customer. But now we're in year three of running the exact same marketing campaign for them any market. You go to any market that they have a. They have a pest control company. The the customer does this. They go to google goldie. Google pest control company in atlanta georgia and a you know all these pop up so we're good on seo rankings. We got that. So we're on the top three because you're only going to customers only gonna check out two maybe three companies. We're always in the top three when they go. One company has three faster of us and a couple of bad reviews. Another company has one hundred faster of us. We have fifty thousand who you don't hire to come into your house exactly right ten years. They don't they can ruin one campaign the next ten years but they were smart enough innovative enough to know that they had to build the trust before they went out and got the customer and that was one way that we did that that makes sense. So trust is the number one value that has got to be in that way since march of two thousand twenty. There've been others that have come in. They've been others. That have gone out helping others. Safety in your product or service. All this. we talked about this. Those have come in gone but trust is the one thing that's never left ever in all the data we've looked at An interesting sidebar bar that you would find interesting and i'm writing a blog. It'll come out At the beginning of august And for my subscribers you can you can go subscribe and find it. But here's the deal A year ago we found that eighty seven percent of all consumer did not want a company going out and talking about black lives matter or racial justice. The newest report is it's around seventy percent so it's still a really high number of seventy percent of all consumers. Don't wanna hear about social justice issues from a company. Now you could say well you know they gotta speak about it. What's going on in the world. What if your customers don't. They don't believe that you're authentic when you're running out there and waving the black lives matter flag or racial justice five because you're a brand selling shoes the they don't wanna hear from brand selling shoes about what they think about racial justice. That's inauthentic marketing for example. And this is the story. I write about the company's called reformations a clothing company. They went out last year and they ran. They held press conferences. They gave to like ten social justice groups and they started patting each other on the back and they were they. Were trying to get all this publicity out of it about three weeks. Later an african american employees came forward and said they had racial. They had racist higher promotion practices in the company and she was bypassed for promotions because she was black. The ceo came out and gave one of those fake apologies. Two weeks later she had to resign. The resigned now that all started because they ran out and started screaming. We are racial justice. We all this money away and the point of that is this not only is it. An authentic customer see through that a mile away. Yeah i think people see very quickly. The bandwagoning right. That happens britain america. It's all for money. They know the only reason they're saying that is because they're trying to sell you more products. Stop being that person. That's not a trustworthy attribute of a company right and it's my unless you can have social justice as something you care about something you donate to and something you fight for. You just don't need to make your brand because people see through. That is nothing more than play to get you to buy. More products doesn't take much to do the research to find a have. You always talked about this or is this now. That's thing and if you haven't always told to shut up right. Oh brands like nike patagonia. They can talk about it absolutely right. Because he's been part of that brand before it was a big thing. Okay great then. I'm going to spoil it. But if this is now the bandwagon that the problem with them wagons is they pass and yoga with them. 'cause you you got burned up in in the last couple minutes i want to talk about. This has been a great show and really love. Thank you for everything that you shed. But i want talk about. What is the intent. I mean you've done this like said you've been on every cast you've been on every show you've been on some of the main very major media. What made you decide that. You're going to do a podcast. Because you know you've got enough with being on everybody else's. I know what it takes. Yeah well Apparently they just give them out today to anybody who wants one so i said well one so You know. I felt like i needed to have a companion to the book that lived beyond the book and A lot of feedback. I got was I need people needed more resources to understand how to implement the five-step undefeated marking system The book lays it out by the way the book is nothing but stories that is not a text but if you want a textbook marketing i did not write that If you wanna a book that's filled with a lot of Very funny and very interesting political war stories and then how will utilize the system to win campaigns and then how we translated business and then the businesses that utilize the stories there. That's the book but when it does lay out very clearly five clear steps that anybody can take you. Don't have to hire marc and easy. You can absolutely do it. But the point is i feel like the one thing i was kinda missing was the ability to continue to kind of spread. The my message in have more control over it so i figured hey. I've got a blog. I don't. i don't solicit anything on the blog. Just like writing and providing value like providing value in the books and i wanted to provide more value and And trust me on this. Nobody's hiring me through my podcast so They want it. Because it's free information and it's it's it provides value. And so i figure if i'm gonna give first person and euro euro this way as well i've learned through the years you're very you're you give much more than you take And so my point is if if i'm out there trying to hot all my stuff all the time then it's authentic but in my heart is to help other people and if you wanna come into my ecosystem after i've given awesome but i needed to be the one that starts to give i. Yeah i fully agree with that and you just very quickly. Just tell us some of the guests you bought on. Because i think that that might be people understand. Yeah i mean we just launched it. So we've got a whole bunch like a man who's one of the great in the world. He has interviewed muhammad ali and nelson mandela and barack obama and he wrote for esquire for years and years. He's he talks about storytelling. It's utterly fascinating about james altitude. You're on pd. Amandus is coming on soon. Jay abraham is going to be on soon discounting dubs. Baron is going to be on san. I'm not sure about that bloke. He's shell favorites. But you know what. I liked the so the other things us i. The podcast short. It's forty five minutes. But it's this i start out and i say where does where to market get it wrong. What have you seen. That's failing in the marketplace. Because i think people learn by failure right and so i kind of focus on. Here's the problem. Here's the solution And it's not again pushing my stuff that we talk about how we see solutions in the marketplace. Everybody comes on and says oh my god. Let me tell you about this marketing campaign that i saw or that i did that completely bombed and then i learned from it and all that and so for me. I love that because people listening to that. That's an intriguing. And then everyone wants to know. How did you fail. But how did you come back from that. So that is the way we focus if it's a lot of fun. I've enjoyed very cool. Well thank you again field. It's been a pleasure on. I love for you to please tell our audience where they can find out more about you about the podcast about your book about all the resources you have and how people can can be potted ecosystem and and connect with you. Yeah again philip. Stutz dot com You can buy the book on amazon and Just subscribe to my blog phillips. Dot com same podcast. And then if you're trying to do a deep dive on your customers or clients we do be to be your beauty to see. We'll do a thirty minute free consultation for any business owner To come in we'll we'll look at. What their data looks like. And we'll give you some advice on how what you should be doing. That's free my team will do a free call with you. So that's phillips stutz dot com slash insights fabulous and again. We will make sure that all of the all of the links to all the ways. You can connect with philip. Whether it's through social media alter the you are elsewhere websites that will always be again. Philip pleasure on oliseh always thank my friend. Thank you so much. Hope you'll stay with us to the end and for utilised. Now remember you can hang out with other consciously. He could chat about this episode the listening to ernie past episodes instead about facebook or lincoln groups. Just look for the leadership and loyalty. Podcasts doesn't matter how successful you are if your employees and your customers don't understand what gives your company meaning. You're only looking at a fraction of your true capability to find out how you can hire me dr barron as a speaker relief strategists for yourself or your organization simply go to dav baron dot com. That's d. o. V. dot com because unified actualize. Meaning is the one single monolithic difference between meteorologisy and greatness in individuals ending companies. On the thank you for showing the show with everybody or no till next time stake. Here's my friend. Stay curious about how you can have your clients your customers falling love with you so you can beat the house consistently i'm erin. I'm here to assist you. Tapping into your deepest meaning theresa next level of clarity focused purpose and profit in your business life and leadership impact. And i am out this. Podcast is a part of the c. Suite radio net worth for more top business. Podcast c suite. Radio dot com.