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YouTube Ranking is Weirder Than You Thought! - Duration: 3:20.
Do you sometimes also think that YouTube's search algorithm is weird?
Ranking in search is not as straight forward as it seems.
We have this simple mental model that we do SEO and then our video gets a rank in the
search results.
In reality though, this mental model can easily break.
Haha, yours is still intact?
Not any longer my friend.
Let me give you three facts that will break yours.
Hey youtubers, Nico here.
If you thought that a video has a single rank in the search results then you are doomed,
haha.
Here are the search results for "how to rank higher on youtube search".
So far so good.
But I did the same search 5 seconds later.
Look at that.
These results are suddenly switched!
Now, I did the same search another 10 seconds later.
Again, a little different.
And when we look at the lower ranks it's all mixed up.
Ok granted, the ranks are fluctuating a bit but that's nothing serious.
Or is it?
These search results are all in incognito mode.
I am not logged in with my account.
Here are the results when I am logged in.
Look at that.
Suddenly Rodney is ranking here.
He has a small YouTube advice channel and normally doesn't have the ranking power
to rank for this super competitive search term.
But YouTube knows that I enjoy his videos.
These are my viewing habits that influence the search results.
Another example: I often listen to music.
Here are the results for "trip hop mix" in incognito mode.
And here when I am logged in.
I started listening to this mix but didn't finish it.
So that apparently gave YouTube a signal that I didn't enjoy it and thus it is ranking
lower for me.
This here is a mix you can't find in the incognito results at all.
Even if you scroll further down.
But I already listened to the whole mix and thus YouTube is showing it to me.
Ok, quite confusing isn't it?
But see that as a positive.
Even if your video ranks low in general it may rank much higher for a few people!
So do your SEO as you always do and enjoy this special boost.
Speaking of SEO.
This is our way to take our success into our own hands.
Or is it?!
Look at my most successful video in search.
It's ranking number one for the search term I targeted.
But this is only making up 5.5% of its total views.
Most of its views are thanks to YouTube doing its thing.
For example 2.8% of the views came from the search term "high volume ranked tags"
and I wasn't even talking about search volume in this video.
YouTube will do its thing.
Trust its decisions and enjoy the promotion you get for your video.
SEO is not a command for YouTube about where and how much to promote your video.
Rather see SEO as a recommendation you give to YouTube.
That's your foot in the door to tap into YouTube's huge promotion engine.
If you do it right you'll be amazed what YouTube does for you when shifting into the
second gear.
And maybe even the third gear.
Check out this video how YouTube does its thing.
What you prepare for when YouTube is still in the first gear is crucial!
Cheers my friends!
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Battle Beast Simulator is the best game ever made - Duration: 2:30.
Go my pretties, avenge Harambe
This is what true Blitzkrieg looks like
Oh sheit, they're pushing back
For the motherland
We interrupt your war for a game of jeep soccer
What's better to kill tanks other than Australians
Nothing
Here, lemme cook that for you
And now two tanks fighting each other at a very long distance
*Elevator music intensifies*
Well Ladies and Gentlemen, I hope you enjoyed because it's now midnight And I really need to go to sleep
And now we have a race between a jeep and a lion
who can kill the human faster?
swish swish motherfucker
yeah the lion got kind of mad
Spread the hashtag, #buffthebuffalo
Now that's more like it
To show you the power of the Buffalo
I sawed this T-rex in half
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My Little Pony - Friendship is Magic Too Many Pinkie Pies Episode 57 - Harley North - Duration: 17:39.
PLEASE LIKE, SHARE, SUBCRIBE video! Thanks you very much!
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Regular Show This Is My Jam Best Cartoon For Kids & Children - Amy Bates - Duration: 13:28.
Thanh you so much for watching!
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My Little Pony - Friendship is Magic Princess Twilight Sparkle: Part 1 Episode 65 - Jayden Dobson - Duration: 16:48.
PLEASE LIKE, SHARE, SUBCRIBE video! Thanks you very much!
It just doesn't feel right not getting to spend such a special day with my Ponyville friends
It doesn't feel right to us either darling if the mayor wasn't say
The six of us are united by the elements of harmony no amount of royal duties is gonna change that
right everypony
Supposed to discuss the Royal upgrades to your Locke de coeur
Why light you aren't missing anything your friends think you buy
But I am I just the celebration isn't until the day after tomorrow
We could still fin it a quick trip to Ponyville and be back in plenty of time to finish off these last few things before
the main event
So that's a no then these are the first royal duties Princess Celestia has given me
I can't risk letting her down, and I'm sure you won't wonderful to actually be looking forward to the Summer Sun celebration
What do you mean for my subjects it has always been a celebration of my defeat of Nightmare Moon?
Incest Luna, and our happy reunion. I am so pleased that you will be playing a role in the festivities
I know it must have been difficult to see your friends return to pop
I think this guy needs you
a letter from Ponyville, I presume
But I don't understand, where are they we don't know it seems that princess celestia
We take our orders from royalty with Princess Luna and Princess
Celestia Gong and Princess cadance overseeing the crystal Empire now that means we take our orders from you
Anything let me know immediately
Way to take charge Twilight
I've never seen these kinds of weeds at all nope
It wasn't me I swear Oh
Sweetie Belle if this is some sort of crime you and your little with an explanation
We have to figure out something, I don't know how much more of this I can take
Guess it turned out you were missing something here in Ponyville after all I
Don't know who was taking them, but I've got a hunch we're going to need the elements of harmony to get them back
So we can get Celestia and Luna back, then keep the rest of the questioners from becoming plant food any ideas
Winter
Now Twilight you know princess and Princess Luna and stop the everfree forest from invading
Whatever are you talking about don't you play dumb with us Yeah, right?
Got your cloven hoof prints all over it. I'll have you know that I have only one cloven hoof
Well then it seems we've reached an impasse
I'm telling the truth, but you think I'm lying what do friends like us do in a situation like this?
Somepony willing to give me the benefit of the doubt the rest of you could learn a lot about friendship from my dear friends
Shutterfly here
Why don't you ask your Z for a friend if she knows anything?
Princess Twilight you can turn the potion from purple to white after a sip you may see why the sky is
Doesn't seem to be working
Really expect me to sit idly by while they are backed in your precious light precious light
There can only be one princess in Equestria
Think of how long you are banished to the moon, I have one royal duty now
You're alright
Found the delightful sort of a wone pony heater piece if you will you should really consider taking it on the road
You discord oh I doubt that
When they turn discord into stone
So, what'd you find out I think it's in danger whoa all right, then let's go save on tree
Where is it exactly I think?
Seems like only yesterday we were heading into these woods to find the Elements of Harmony
Seems like only yesterday as well. We can use those to cross
That was close
Politico you have been having an awful lot of trouble with those things and well who knows what else is gonna come after us
You know maybe wouldn't be such a bad out of the efforts. What's that got to do with anything?
Princess Celestia and Princess Luna are gone if something happened to you
I just don't think a quest Ric can risk losing another princess
It's like huge tree. Cutie marks on the trunk. Probably being attacked by something hideously awful
Yeah, I'm pretty sure we'll know well if you feel this way
Feel like I shouldn't be
Discord
And Princess Luna don't return. I'm just surprised that you agreed to their plan
I never thought to be the kind of pony who would think she was better than
Every pony you'll all be the best of pals again when they return from their terrifying. You're
Deeply bonding experience that they're having without you
Anypony out starting to think this is a
silly
Are we there yet, I don't know where we are we're lost
Listen here. You rabid rhododendrons a
Question I may need it's princess, but we meet our friends I
Know how we can save the trees we have to give it the elements of harmony
The elements of harmony did bring us together, but isn't the elements that will keep us connected
It's our friendship, and it's more important and more powerful than any magic
Give up the elements it took great courage to relinquish them I
Do not know where they are, but I do know that it is a mystery you will not be solving
Gone
Our friendship remains I have no idea those seeds. I planted should have sprouted up ages ago
Oh
Why should I try to explain it when you can see for hungry?
well obviously things think according to my original plan my Thunder scene should have stolen the magic from the tree of harmony and
Not the defeat of Nightmare Moon, but the return of my sister Princess Luna
I'm gonna need my bees back
Todd you can't be tied for the most
Daring pony. I don't know numbers don't
Okay, no problem. We just have to come up with another dairy dare, right?
I think I might have an idea of what we can do then
simply the most important reason I've ever had in my entire life being away in those old ruins totally unappreciated I
See I require your helping Bo
But retro ancient classical will be all the rage next season so it's nothing to sneeze at but
but of course
Although I must admit these ruins are a from goodness
It's practically an artistic treasure trove of ancient good taste
You really shouldn't go need all these candles Twilight. I was really only scared for a second. Oh these aren't for you spike
We're gonna be studying late into the night, and we're gonna need all the light we can get oh
Great lair moon was banished not every last bit of her dark magic went with her
Granny used to say when that falls on the castle that
Certainly could use some restoration be a dear fly up there and lift it off that home
While you were struggling under that fabric the entire wall spun around he must have activated a secret door oh
I'm sorry I
Suppose these ruins why I brought you here
I guess only the most daring pony of all could stay in this castle all night without being scared off
Scared shadowy ghost Pony to get me to leave may - OH find anything spike I
Sure hope you're not afraid of the dark Applejack. I can't say that I am but even if I was
It's just a dark. Hallway full of disembodied
Pony legs
Yeah
Nothing, creepy about that. Oh
Goodness, we have to find him an ancient castle is no place for a bunny
He could get hit by falling debris or the floor could give out under him Oh
Applejack if you're scared you can just admit it you don't need to put your hope around me
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New York Times op-ed calls 'Roseanne' revival dangerous - Duration: 3:00.
For more infomation >> New York Times op-ed calls 'Roseanne' revival dangerous - Duration: 3:00. -------------------------------------------
Holder is Talking Like a 2020 Candidate and His Latest Declaration Will FLOOR You! - Duration: 2:46.
Holder is Talking Like a 2020 Candidate and His Latest Declaration Will FLOOR You!
Eric Holder appears to be inching closer to throwing his hat in the presidential ring.
Holder is now claiming that if he were to be president, he'd be the guy to "UNIFY"
the entire country.From Washington Times
Former Attorney General Eric Holder says Americans would be able to count on him to "unify
the country" if he became the 46th U.S. commander in chief.
The man who once told New York Times' Alex Burns that he wanted to "make redistricting
sexy again" sat down with the reporter again this week to talk about a wide range of issues
— including a possible presidential run.Mr. Holder said during an hourlong interview that
he was still open to the idea of a 2020 presidential campaign that could pit him against President
Trump.
"If you were going to do it, why would you do it?
If you didn't do it, why would you not do it?"
Mr. Burns asked during a livestreamed event Wednesday.
"If I were gonna do it, I would do it because I think I would have concluded that maybe
I could unify the country — help unify the country because it's bigger than any one
person," Mr. Holder replied.
"That I could advance — actually, that I could repair then advance the nation in
a variety of contexts."
Mr. Holder said that he is concerned, however, about subjecting his family to political attacks.
"For me, it was part of the job," he said.
"I read about 'Holder's corrupt, Holder's whatever.'
It's all politics.
I just dismiss it.
But I saw the impact that it had on my family.
My wife had a Google alert.
I said, 'sweetheart, you can't do that or you're just going to drag into, you know,
everything.'
She took [it] to heart.
It bothered her in a way that it didn't necessarily bother me.Mr. Holdertold Yahoo
News in June that Mr. Trump's election served as a wake-up call that he needed to "get
back on the field and be in effective opposition."
"Now is the time to be more visible," Mr. Holder said.
"Now is the time to be heard.
… I thought, frankly, along with everybody else, that after the election, with Hillary
Clinton as president, I could walk off the field.
So when she didn't win, I thought, 'We'll have to see how this plays out.'
But it became clear relatively soon — and certainly sooner than I expected — that
I had to get back on the field and be in effective opposition."
When I say the words "President Holder" what does that make you feel?
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Image Stabilization: BOSS vs. IS vs. O.I.S. - Duration: 3:10.
Some of you already know that I love to walk and to film while doing it.
Sony's "Balanced Optical SteadyShot" (BOSS) is said
to be superior to all other image stabilization systems.
So here comes my test:
Canon's "Image Stabilizer" (IS)
vs. Panasonic's "Optical Image Stabilizer" (O.I.S.)
vs. Sony's BOSS.
Please enjoy!
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Is it REALLY necessary to avoid carbohydrates such as bread, rice and fruit? - Duration: 14:03.
Hey, hey, hey everybody.
Shaun Hadsall here, stubborn fat expert
for people over 35 years old and owner of Get Lean in 12,
an online community my wife Karen and I started.
And it has reached well over 100,000 people across the globe
just in the last few years alone.
Inside this video, stop by and pay close attention
if you're in your 40s, 50s, or 60s.
So if you're over 35, stop by, drop a comment below.
Let us know what part of the world
you're from, because I'm going to share
how you can stop burning sugars and start burning fat.
So these three metabolic triggers that people over 40
can use to program the body to become fat adapted.
Most people have too much carbohydrate intake
in their diet over time.
And what ends up happening is the body
becomes dependent on burning sugars instead of accessing
fat as a fuel source.
So inside this video, with these three metabolic
triggers I'm about ready to share with you,
I'm going to show you how you can shut off the body's
dependence on burning sugars and get the body fat
adapted so it uses fat as its primary source of energy.
Now I'm also going to share with you a system I've created.
It's called the Over 40 Ab Solution, and it's something
that my wife Karen and I have used for years to look
much younger than our real age.
People always freak out when they
find out that we're grandparents and have
four beautiful grandkids.
We have one more on the way, by the way.
But my wife is 11 years older than me.
I'm 46 and she's 57, and this has taught me a ton about how
to optimize hormones.
When we met over 10 years ago, she
was diagnosed with colorectal cancer,
and it was a death scare.
It was probably one of the hardest times of our life.
And it forced her into early menopause, suppressed
all her critical hormones, and she accumulated
a ton of upper belly fat.
Over time, we ended up calling this her menopause belly.
But the 12-minute metabolic protocols
that you're going to learn about at the link around this video
inside our system called the Over 40
Ab Solution, helped her flatten her belly.
So when you go over to our website,
you're going to learn all about her inspiring story
and you're going to see her after photos.
And you're also going to see progress pictures of me.
Over 10 years straight I've been able to use these three
triggers in our 12-minute metabolic protocols
to maintain six pack abs.
So you see progress pictures for over 10 years straight
and how I use this information and how we walk our talk.
I don't share any of this to impress you,
just to impress upon you these three triggers
can make a huge difference in your life.
So if you learn something in this video, which I promise you
will, make sure you like this.
Make sure you share this.
And pay close attention.
Let's talk about number one, which is manipulate glycogen.
So trigger number one is we need to manipulate
glycogen. Glycogen is stored energy from the carbohydrates
that you eat.
And it's stored inside muscle tissue, in liver tissue.
Now the more efficient you can get the body
to deplete and replenish glycogen, the more efficient
the body becomes at accessing fat as a fuel source.
So I'm going to show you exactly how to manipulate glycogen here
in a second.
The second trigger is to optimize hormones.
Remember, if you're over 35 years old,
growth hormone levels start declining rapidly.
So does testosterone, and the growth hormone condition
is known as somatopause.
Now the three triggers up on this board
and the 12-minute metabolic protocols
found inside our system are strategically
designed to optimize growth hormone for people
over 35 years old.
There's scientific research and published studies at the bottom
of our web site, over 30 of them, and a couple of them
show that these 12-minute metabolic protocols
can potentially elevate growth hormone
400%, all the way up to 700%.
So optimizing hormones is a critical component
to making sure that your body becomes fat adapted.
The third thing that we're going to do,
the third trigger is limit and prevent
what we call fat spillover.
And we do this by using some carb timing techniques.
So although the diet that's found inside our system
is very Keto friendly, it's very paleo
friendly, we find that it's a lot more fun
to be able to have carbs in your diet.
So inside this video, I'm going to share with you how
you can eat your favorite carbs and cheat food and prevent them
from spilling over and being stored as fat on the body.
So the first thing you see up here is a picture of your body.
It's a big square.
I know it looks kind of funny, but this is the way
to simplify fat loss.
OK so in here you have muscle, tissue, organs, and glands.
And out here is where you store fat.
So up here is that dreaded and ugly word, fat.
And then in here is your storage tank.
So this is muscle and liver tissue.
This is where you store energy from the carbohydrates
that you eat.
Now let's talk about how to manipulate glycogen.
So most people that eat a regular diet
consume too many carbs over time without burning them off
through intense exercise.
When this happens, you start filling up your storage tank
and over time, this tank fills all the way to the top.
So now, every time you consume carbohydrates
if you're not exercising to burn them off,
they have nowhere to be stored because your storage
tank is full.
So they will spill over and be stored as fat on the body.
That's what we call fat spillover.
So most people will take the opposite approach.
They'll go low carb.
So they'll drag their carb.
They'll just manipulate carbs until you get all the way down
here so that you get their body to come over here
and access fat is a fuel source.
This makes sense and it does work,
but it's a temporary quick fix.
The Biggest Loser contestants from season eight
are the perfect example.
Extreme dieting and extreme exercise done over time
gives you metabolic slowdown.
The New York Times published a study from The Biggest Loser
contestants in season eight, and almost all of them
gained all or more of their weight back
and they were burning 400 to 800 calories less on a daily basis
because they're resting metabolic rate slowed down.
So low carb dieting does work, but it's temporary.
That's why you need to add carbs in strategically
and manipulate glycogen.
So the best way to do this is inside our system,
we teach you that on Mondays, Wednesdays, and Fridays
you can use body weight movements.
You're going to use strategic movement
patterns, strategic rest periods and intensity levels
to optimize hormones and elevate the metabolism
for 38 to 48 hours after one 12-minute session.
And because your glycogen is going to be rapidly depleted
from the 12-minute protocols done on Monday, Wednesday,
and Friday using just your body weight.
No equipment required.
And what you'll do is we call this carbs up.
So in the post-workout window, what
ends up happening is, because muscle tissue and liver tissue
has been rapidly depleted from our 12-minute metabolic
protocol, now there's an influx of room
for carbohydrates to come in and work their magic.
So by doing this, now the carbs are
more likely to be stored inside muscle tissue and liver tissue.
So as you eat these carbs, you're
going to be stored up in here.
So now this leads right in to manipulating hormones,
or I should say, optimizing hormones.
So Monday, Wednesday, and Friday we're going to go carbs up,
and this is going to keep glycogen in here
because the 12-minute metabolic protocols
are going to prevent this spillover.
Now Tuesdays, Thursdays, and Saturdays
we're going to do something called deplete.
These are low carb days.
So we're going to do the same 12-minute metabolic protocols
on these days, but we're going to use
a different type of exercise.
We're going to use a cardio exercise.
You can still use body weight movements if you wanted to.
You can use any type of cardio outside.
It can be jumping rope or any type of cardio machine.
And on these days, I call these the fat burning days
because what ends up happening is you go under 50
grams of impact carbs per day.
So an impact carb is simply taking the total carb gram
count and subtracting the fiber.
What's left over is impact carbs.
So on these days, you're going to get a Keto, low carb
paleo, or high fat, low carb.
Where you're going to basically go under 50 grams of impact
carbs per day.
This is what allows the body to come down here and come over
here and grab fat and use it as a fuel
source a few days of the week.
So now, we just have to make sure
that we're eating these carbohydrates post-workout
Monday, Wednesday, and Friday to maximize hormones.
Now number two, to optimize hormones,
remember it only takes about a week of low-carb dieting
and research shows that several things can
happen like what happened to The Biggest Loser contestants.
So it can suppress T4 to T3 conversion.
This is the thyroid.
It's the master gland of the metabolism.
The second thing it can do is it can suppress leptin levels.
OK leptin is a hormone that communicates to the brain
and to the body whether or not it should use fat as a fuel
source or it should store fat and keep it
on the body in the form of belly fat or body fat.
The third one is this increases resting metabolic rate.
So if you go low carb too long, resting metabolic rate,
just like The Biggest Loser contestants, slows down.
So by adding in carbohydrates in the post-workout window,
we increase T4 to T3 conversion efficiency,
we optimize leptin levels, and we increase
the resting metabolic rate.
The third thing is we want to limit and prevent
fat spillover.
Well, we do this by using these deplete days and these low carb
days.
Now one more important part of this
is to optimize all of this, because you're
going to be using our 12-minute metabolic protocols,
the body is going to become very efficient
at depleting and replenishing glycogen
to access fat as a fuel source.
But over time, you're going to need a cheat day.
So once a week, it's important that you
have your favorite cheat meal or a cheat day
to help optimize all of these hormones
and keep the metabolic rate going.
I'm sure you're not going be disappointed that you're
going to have a cheat day.
Now, before you get to your initial goals,
I recommend you just have one cheat meal per week.
Now once you get to your initial goals,
then you can go ahead and turn it into a cheat day.
So hopefully you learned something on this.
If you did, can you do me a favor?
Can you type yes down below, and can you
share this with somebody?
Give me some hearts and can you give me some likes.
Now there's a few other things I want to share
before I close out this video.
The first thing is that when you go over
to our website to learn about the Over 40 Ab Solution,
learn about my wife's story, and see my pictures
and all of that, you're going to see five digital guides.
And sometimes people complain that this is overwhelming.
Well, we want to provide value, but I also
want to keep it really simple.
So focus on the Success Tracker.
And when you download this guide,
it will say start here in capital letters.
It's 22 pages and it breaks down all this
and the 12-minute metabolic protocols
for you to follow step by step.
So if you want to get the fastest results possible,
go to the Success Tracker because it
has the exact 12-minute protocols and the exact diet
to follow on a day-to-day basis.
Now the other thing I'd like to share
is we have a 90-day money back guarantee on this system
because we guarantee you it works or your money back.
It's that simple.
You have 90 full days to check this out.
And I promise you if you apply the strategies,
you'll see results in less than a week.
Now the other thing I'd like to share with you
is something I'm very passionate about.
We're really big at Get Lean in 12 on giving back,
and we partnered with Living Water International
and we install water wells in third countries
to needy children and to needy families.
These are people who are drinking contaminated water,
the same water that cows are drinking,
and they're dying from it.
And so what we've done is for every person who
grabs a copy of the Over 40 Ab Solution system found
at the link around this video, we're
going to give clean water to a needy child for almost 90 days.
And although this may not sound like a big deal,
last year we raised almost $30,000
and installed four water wells in needy countries,
thanks to people like you who took action.
So not only can you use our innovative system
to optimize hormones and help you quickly
lose more belly fat, you can be a part of this amazing cause.
Now this year our goal is to raise $50,000,
and I think we're just over $21,000 right now.
So we're on track to hit our goal,
and I would love you to be a part of this.
So you have nothing to lose except stubborn belly
fat and everything to gain except stubborn belly fat
by clicking the link around this video
and checking out our system.
Now before I close this out, 12 minutes
is how long I've been on here.
This is a long time to keep somebody's attention.
So if you're still watching, I'm grateful and appreciative
of that, but I want to let you know one more
thing that I can almost guarantee you and that is this.
When you use the strategies found inside our system,
it will leak over into every other area
of your life in a positive way.
My wife Karen and I know for a fact
that when we use our 12-minute metabolic protocols
and we follow the diet the way it's supposed to be followed,
that discipline leaks over into every other area.
We become better spouses to each other.
We become better parents to our four children.
We become better grandparents to our four grandkids, better role
models, better mentors.
And every other area of our life gets better.
We know we're better examples for people like you
as fitness professionals.
And this is my promise to you.
If you use our 12-minute metabolic protocols,
you follow the diet inside of our system
that's strategically based on these three metabolic triggers,
that discipline will flow over into every other area
of your life.
Your confidence will explode, and you'll
find that your relationships get stronger.
You'll be more focused and driven in your career.
You'll have more energy on a daily basis,
and you'll have a positive mental attitude.
And that is my promise and guarantee to you.
And you are awesome for watching this.
Thanks again for taking time out of your busy day
to watch this live Facebook video.
Shaun Hadsall signing off here.
Thanks again for taking time out of your busy day
to check this out, and keep going strong.
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What Is A Blockchain Mining Facility - Duration: 7:40.
So now you maybe you've heard about blockchain, but the question is, what is a
mining facility? I mean, I'm like, "is that like dwarfs they go underground with
pickaxes and like start pulling coal out of the mountain?". Actually, it's just as
crazy, except they're not pulling coal out of the mountain,
they're pulling out precious ore and gems and minerals, I mean, not really because
it's all data. But no we're actually talking about computers. Can you imagine
plugging a computer into a wall and making $400 a month? That's what we're
talking about today.
Okay now, welcome back. Listen, I got a lot of my friends like, "Kris you're going to
take us out to a massive mining facility?". I am, but before I do that, a little later
in this video, I wanted to kind of you know pick back
up where I left off in the previous video and really talk more about this
concept called Blockchain and why Cryptocurrency is even a thing today? So,
you understand that our money is basically, it's not backed by gold
anymore, we came off of this standard a long time ago. So basically, it's just a
bunch of ones and zeros and in computers. And, it's the people's confidence that
have signed value to the dollar and in 2008 when the economy fell out and real
estate was going bust and we were getting excited because, by the way, when
there's a crash, it means, that's when the most millionaires and billionaires rise
up. If you didn't know that, there's a good thing for you to know because we
are overdue on our next crash. There usually every five to eight years, we're
in the ninth year right now, we're somewhere at the bottom of the seventh
to eighth or ninth inning and winter is coming and you can either prosper in
winter or you can be tucked tailed and terrified like everybody else is. But
frankly, if you're educated on money like, if you're coming out to my, to one of my
real wealth forte events, you won't be afraid of winter. You're going to embrace
one. You're going to get excited because when everything falls apart is when the
biggest opportunities present themselves. So here's what happened in 2008 with
money. Money was falling apart left and right. And what did Ben
Bernanke's our US Fed chair do, to prop up the US economy?
He said, they call it quantitative easement. Which is a fancy word for, "let's print
more money". So we go into the economy, we start printing more money, we start
praying trillions of dollars to artificially keep us afloat. Now I'm not
going to have the argument today on whether he did a good job or bad job. I met them,
and we had a conversation about this and he shared why he did it and why our
recession may have been a depression had he not, however there's consequences to
the quantitative easement that he introduced into our economy. And so,
the point that I want to simply make is that our world is changing. Largest taxi
company right now in the world, is Uber and it doesn't own a taxi. The largest
real estate company in the world is Airbnb and it doesn't own real estate.
like is worth thirty four billion dollars right now and it doesn't have
any assets. When Facebook became one of the Titans or Amazon it's like what are
they really owned? Right? Social media for people that connect with each other?
that's the world that we live in today. And right now, people want to compete or
at least provide an alternative to our own currency even though the dollar
is the standard all around the world. We can't control it. Right now we can have
the central bank print more money on demand and they're controlling that
currency. But bitcoin is a currency that the people control. It is the people
rising up and right now we've got coin offerings. ICOs being introduced left
and right. Bitcoin right now is the granddaddy of them all. It's the one that
is leading the way. Obviously, all these cryptocurrencies can't actually make it.
But right now there's hundreds of billions of dollars being raised, for
starting what people will hope will be. New currencies that you and I can use to
exchange with each other like the old-school barter system without any
middle men. And so, that's why there's all this hype about this and also because
last year, you know we saw 1,500 percent increase. Bitcoin was selling at fifty,
hundred, two hundred dollars, three hundred dollars a coin and then, it shot
through the roof, up to twenty thousand, now it's back down to ten and it's
moving around. And so, we've got this new world, we got this new crypto and it's
new coin, altcoins. Right? Alternative coins and it's all function on the
blockchain. Now the by the way, who knows what'll happen in coin land because the
reality is, it's it's pretty wild market right now. Right? The markets going up and
down and it's really volatile and it's going to be that way right now. It's
behaving different than normal money, it's also making people a lot of money.
And also people don't know how to trade that market. Like my buddy might I was
telling you about that makes ten million dollars a month, he actually paid two
million dollars and invented and actually hired a software designer to
build out his own artificial intelligence to day trade all the
different popular coins. And I don't really want to tell
you how much money he's making. It's wild and crazy. But I'm trying to get him to
give me an end, so that I can give you an end. That's why you need to subscribe and
you need to keep on here because these chronicles are going to continue. And I'm
just going to help educate you on how our worlds changing and what you can do
whether it script or whether it's blockchain and how you can be a part of
that. Now the moment we are going to go out and check out my buddy's blockchain
facility. But before we do that, I just want to wrap up this conversation. Crypto
is going to be volatile, but the blockchain? it is a technology that is
here to stay forever. It is. If you had a chance to get in at the start of the
Internet, you would have. Right now, we have the start of something so big and
so new that is going to transform and change literally, every technology that's
out there on the planet. It's like, rewriting the entire web for
encrypting information that keeps everything financially safe, untouchable,
but allows you and I, to have trust with each other. Isn't that cool? It's
absolutely amazing. Let's go check out the facility. Hey friends, Kris Krohn
here. It's loud, I don't know if you're going to hear a whole lot. So I'm here in a
Bitcoin mining fat grab, that all of these miners currently each one of these
machines right here, is making around $400 a month. Now the equipment cost
itself is very very low and these guys are pulling some massive ampage and what
they're doing? Is they're out there basically, going to work building the
blockchain that is the new internet that is taking over the world.
Kind of cool. I've got some friends in some high places, doing some fun things.
And I got to say it's just, it's kind of wild to be here. So I've got a buddy of
mine who's making millions of dollars every single month. Basically out here
building the blockchain to securitize information as well as democratize
information for every American and frankly person on the planet. It's pretty
wild experience. So I'm networked with an amazing group of people that are
actually building the blockchain. They're setting all this stuff up. They have
their own ICOs, which means their own coin offerings and right now they're
leading the planet with brand-new technology in a number of amazing ways.
Like for example, one of the things they're doing, is just one of those units
producing 4 or $500 a month, they've actually prototyped a home
version. A box that you can put in any home and plug it into a 110 outlet,
instead of 220 and have it just make money for you. Now they're doing that
because they want to democratize power. They want to democratize and empower
people to have opportunities like never before. And if you want to stay up to
date on this, then this is what I'm going to recommend. Click the link. Go to my
website and then right there on, you're going to see that there's a few different
options of how to play with me, but you're also going to download my real
estate book for free. That's how you put in your email address so that I can keep
you up to date with what's hot, what's new. So come to the website, get my free
book. Download that by putting in your email address and then as I get some of
the updates, if I get access to my friends artificial intelligence, if I get
access to some of these opportunities on crypto and the blockchain you're the
first that I'm going to notify about it. But I got to have your email to be able
to do that. So make sure that you subscribe and we got more coming your
way.
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Emily Blunt thinks Mary Poppins is 'creepy' - Duration: 3:16.
Emily Blunt thinks Mary Poppins is creepyThe 35-year-old actress is playing the iconic English nanny in an upcoming Disney film, but has admitted she finds her alter-ego slightly unnerving.
Speaking on The Late Show, the programmes host Stephen Colbert said: I always thought Mary Poppins seemed a little sinister.
To which Emily replied: Well, I think shes creepy.
Stephen said: She is, because she comes unannounced, takes over the house.
Emily joked: Disney right now are just like, Noooooo! But I loved doing it, it was just the best.
It really was awesome..
The film will hit the big screen at the end of this year but Emily is concerned about how her children - Hazel, four, and 22 -month-old Violet - will react to her portrayal.
Emily - who is married to John Krasinski - said recently: Hazel loves Julie [Andrews] so much that I worry shes just gonna reject my version of Mary Poppins.
I think its strange for the kids of actors to see their parents in stuff.
I think its weird for Hazel cause shes also young - theyre really young, my kids, and so its disconcerting for them to see you as someone else behaving in a way thats not natural..
The upcoming Mary Poppins Returns also features an appearance from Academy Award-winning actress Meryl Streep.
The duo both previously starred alongside each other in 2006s The Devil Wears Prada, and Emily has joked that the acclaimed actress is now stalking her.Teasing Meryls role in the new film, Emily said: We have really set a tone that we never play characters that like each other very much.
And so we are continuing with that tradition in this.
I dont know if we could ever play like best pals in something.
Its just not what works for Meryl and I..
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What is Slip Clutch, What To Do, How To Prevent - Duration: 5:58.
What's up everyone, welcome to my channel again
and it has been like
one week that I didn't do any video
and today I'm doing one
hopefully it's not going to rain later
and if you realize I'm not in the Persona today
I'm in a Perodua Kancil
It's belong to my mum and
and honestly Kancil is like
better than Persona in terms of fun
it has even more fun if you drive a Kancil
because of everything is mechanical and
you need to race your car in order to match the speed of traffic
well today I'm driving a Kancil
not to talk about it's good or bad
but talking about slip clutch
so what is slip clutch
it is basically a nightmare of manual car
or clutch-based CVT
if your car have a clutch
you're going to experience slip clutch
in the future maybe in 10 years
it marks the end of life of clutch
and this car is already more than 10 years
it already experience slip clutch
so how do you know if your car have a slip clutch
for normal car
if you don't match your RPM when shifting the gear
you'll experience a jerk
like this
but if your clutch is slipping
you won't experience that much
and if you are driving very slow in a very high gear
like in a 5th gear driving 40km/h
and then you try to floor it
in normal car you only stress the engine
and it's very bad for an engine
but if your car has a slip clutch
it won't
the RPM just rise up like you are in neutral
and slip clutch can be dangerous also
slipping means more friction
and more friction means more heat
and everyone know heat is not a good things
heat is only good if you're doing a cold start
besides that, you have a meter to track the engine temperature
but you don't have meter to track your clutch or transmission temperature
so who know your clutch is overheating or
it's going to burn or something
you can't track it
next, if your clutch is slipping
engine brake is no longer work
if you drive a manual and you leave your car in gear
and you didn't step the clutch
and you brake
it actually brake faster
because of the friction and inertia of engine
but if the clutch is slipping
those thing no longer affect your braking
so what can you do if your car experience clutch slip
and you are waiting for a free time or appointment to fix your car
well it's better that your don't drive your car
but if it happens that you have to drive your car
there is actually some technique
such as double clutch shifting
Double clutch shifting is a technique that
most of the bus driver or lorry driver used
so double clutch shifting is like when you want to shift from 3rd to 4th
Press the clutch
move to neutral
release clutch
press again the clutch
move to 4th
release clutch
and continue to drive
it can be fast
like this
and it can be used for downshift
next is throttle control
when you realize your RPM is going faster
you can reduce little bit of throttle
it is very simple
just release little bit of throttle
until the RPM match
and if you are very good at manual
you can perform a clutchless shift
as the name said
you shift a gear without using a clutch
it can be done but
you need a 100% perfect rev matching
and 100% perfect shifting
so that you don't need to press clutch
which is very hard
and if you mess up with it
you are wearing another part which is more expensive
which is the gear
you don't want to mess up with the gear
so it's better that you don't use that technique although it works
so clutch slip will eventually happen to your manual or clutch-based CVT car
it's just the matter of time, like mostly after 10 years
but you can extend the life of the clutch
by just changing some driving style
such as only press the clutch fully or release fully
don't press it half way
next, do not move your car inch by inch
don't "inch"-ing the car
and then avoid doing a clutch start
if you're doing a hill start
use your handbrake or if you have Hill Hold Assist
use that system
next, try not to rest your left leg on clutch pedal
just move your leg to the side
or to the floor or somewhere else
because if you rest your foot on you clutch pedal
you tend to press the clutch a little bit
and hence wear up the clutch
so I hope you find this video informative
do give a thumbs up, share it your friends
and if you haven't, subscribe to me
and I'll see you in the next video, next week
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My Little Pony: Friendship Is Magic Daring Don't Top Cartoon For Kids Part 68 - Emma Boyle - Duration: 21:09.
PLEASE LIKE, SHARE, COMMENT & SUBCRIBE videos! Thank you very much!
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What is Hedge in Finance? | Definition & Explanation of Hedge - Duration: 1:15:24.
A hedge is an investment position intended to offset potential losses or gains that may
be incurred by a companion investment.
In simple language, a hedge is a risk management technique used to reduce any substantial losses
or gains suffered by an individual or an organization.
A hedge can be constructed from many types of financial instruments, including stocks,
exchange-traded funds, insurance, forward contracts, swaps, options, gambles, many types
of over-the-counter and derivative products, and futures contracts.
Public futures markets were established in the 19th century to allow transparent, standardized,
and efficient hedging of agricultural commodity prices; they have since expanded to include
futures contracts for hedging the values of energy, precious metals, foreign currency,
and interest rate fluctuations.
Etymology: Hedging is the practice of taking a position
in one market to offset and balance against the risk adopted by assuming a position in
a contrary or opposing market or investment.
The word hedge is from Old English hecg, originally any fence, living or artificial.
The use of the word as a verb in the sense of "dodge, evade" is first recorded in the
1590s; that of insure oneself against loss, as in a bet, is from the 1670s.
Examples: Agricultural commodity price hedging
A typical hedger might be a commercial farmer.
The market values of wheat and other crops fluctuate constantly as supply and demand
for them vary, with occasional large moves in either direction.
Based on current prices and forecast levels at harvest time, the farmer might decide that
planting wheat is a good idea one season, but the price of wheat might change over time.
Once the farmer plants wheat, he is committed to it for an entire growing season.
If the actual price of wheat rises greatly between planting and harvest, the farmer stands
to make a lot of unexpected money, but if the actual price drops by harvest time, he
is going to lose the invested money.
Due to the uncertainty of future supply and demand fluctuations, and the price risk imposed
on the farmer, said farmer may use different financial transactions to reduce, or hedge,
their risk.
One such transaction is the use of forward contracts.
Forward contracts are mutual agreements to deliver a certain amount of a commodity at
a certain date for a specified price and each contract is unique to the buyer and seller.
For this example, the farmer can sell a number of forward contracts equivalent to the amount
of wheat he expects to harvest and essentially lock in the current price of wheat.
Once the forward contracts expire, the farmer will harvest the wheat and deliver it to the
buyer at the price agreed to in the forward contract.
Therefore, the farmer has reduced his risks to fluctuations in the market of wheat because
he has already guaranteed a certain number of bushels for a certain price.
However, there are still many risks associated with this type of hedge.
For example, if the farmer has a low yield year and he harvests less than the amount
specified in the forward contracts, he must purchase the bushels elsewhere in order to
fill the contract.
This becomes even more of a problem when the lower yields affect the entire wheat industry
and the price of wheat increases due to supply and demand pressures.
Also, while the farmer hedged all of the risks of a price decrease away by locking in the
price with a forward contract, he also gives up the right to the benefits of a price increase.
Another risk associated with the forward contract is the risk of default or renegotiation.
The forward contract locks in a certain amount and price at a certain future date.
Because of that, there is always the possibility that the buyer will not pay the amount required
at the end of the contract or that the buyer will try to renegotiate the contract before
it expires.
Future contracts are another way our farmer can hedge his risk without a few of the risks
that forward contracts have.
Future contracts are similar to forward contracts except they are more standardized (i.e. each
contract is the same quantity and date for everyone).
These contracts trade on exchanges and are guaranteed through clearinghouses.
Clearinghouses ensure that every contract is honored and they take the opposite side
of every contract.
Future contracts typically are more liquid than forward contracts and move with the market.
Because of this, the farmer can minimize the risk he faces in the future through the selling
of future contracts.
Future contracts also differ from forward contracts in that delivery never happens.
The exchanges and clearinghouses allow the buyer or seller to leave the contract early
and cash out.
So tying back into the farmer selling his wheat at a future date, he will sell short
futures contracts for the amount that he predicts to harvest to protect against a price decrease.
The current (spot) price of wheat and the price of the futures contracts for wheat converge
as time gets closer to the delivery date, so in order to make money on the hedge, the
farmer must close out his position earlier than then.
On the chance that prices decrease in the future, the farmer will make a profit on his
short position in the futures market which offsets any decrease in revenues from the
spot market for wheat.
On the other hand, if prices increase, the farmer will generate a loss on the futures
market which is offset by an increase in revenues on the spot market for wheat.
Instead of agreeing to sell his wheat to one person on a set date, the farmer will just
buy and sell futures on an exchange and then sell his wheat wherever he wants once he harvests
it.
Hedging a stock price: A common hedging technique used in the financial
industry is the long/short equity technique.
A stock trader believes that the stock price of Company A will rise over the next month,
due to the company's new and efficient method of producing widgets.
He wants to buy Company A shares to profit from their expected price increase, as he
believes that shares are currently underpriced.
But Company A is part of a highly volatile widget industry.
So there is a risk of a future event that affects stock prices across the whole industry,
including the stock of Company A along with all other companies.
Since the trader is interested in the specific company, rather than the entire industry,
he wants to hedge out the industry-related risk by short selling an equal value of shares
from Company A's direct, yet weaker competitor, Company B.
The first day the trader's portfolio is: Long 1,000 shares of Company A at $1 each
Short 500 shares of Company B at $2 each The trader has sold short the same value of
shares (the value, number of shares × price, is $1000 in both cases).
If the trader was able to short sell an asset whose price had a mathematically defined relation
with Company A's stock price (for example a put option on Company A shares), the trade
might be essentially riskless.
In this case, the risk would be limited to the put option's premium.
On the second day, a favorable news story about the widgets industry is published and
the value of all widgets stock goes up.
Company A, however, because it is a stronger company, increases by 10%, while Company B
increases by just 5%: Long 1,000 shares of Company A at $1.10
each: $100 gain Short 500 shares of Company B at $2.10
each: $50 loss (in a short position, the investor loses money when the price goes up)
The trader might regret the hedge on day two, since it reduced the profits on the Company
A position.
But on the third day, an unfavorable news story is published about the health effects
of widgets, and all widgets stocks crash: 50% is wiped off the value of the widgets
industry in the course of a few hours.
Nevertheless, since Company A is the better company, it suffers less than Company B:
Value of long position (Company A): Day 1: $1,000
Day 2: $1,100 Day 3: $550 => ($1,000 − $550) = $450
loss Value of short position (Company B):
Day 1: −$1,000 Day 2: −$1,050
Day 3: −$525 => ($1,000 − $525) = $475 profit
Without the hedge, the trader would have lost $450 (or $900 if the trader took the $1,000
he has used in short selling Company B's shares to buy Company A's shares as well).
But the hedge – the short sale of Company B net a profit of $25 during a dramatic market
collapse.
Stock/futures hedging: The introduction of stock market index futures
has provided a second means of hedging risk on a single stock by selling short the market,
as opposed to another single or selection of stocks.
Futures are generally highly fungible and cover a wide variety of potential investments,
which makes them easier to use than trying to find another stock which somehow represents
the opposite of a selected investment.
Futures hedging is widely used as part of the traditional long/short play.
Hedging employee stock options: Employee stock options (ESOs) are securities
issued by the company mainly to its own executives and employees.
These securities are more volatile than stocks.
An efficient way to lower the ESO risk is to sell exchange traded calls and, to a lesser
degree, to buy puts.
Companies discourage hedging the ESOs but there is no prohibition against it.
Hedging fuel consumption: Airlines use futures contracts and derivatives
to hedge their exposure to the price of jet fuel.
They know that they must purchase jet fuel for as long as they want to stay in business,
and fuel prices are notoriously volatile.
By using crude oilfutures contracts to hedge their fuel requirements (and engaging in similar
but more complex derivatives transactions), Southwest Airlines was able to save a large
amount of money when buying fuel as compared to rival airlines when fuel prices in the
U.S. rose dramatically after the 2003 Iraq war and Hurricane Katrina.
Hedging emotions: As an emotion regulation strategy, people
can bet against a desired outcome.
A New England Patriots fan, for example, could bet their opponents to win to reduce the negative
emotions felt if the team loses a game.
People typically do not bet against desired outcomes that are important to their identity,
due to negative signal about their identity that making such a gamble entails.
Betting against your team or political candidate, for example, may signal to you that you are
not as committed to them as you thought you were.
Types of hedging: Hedging can be used in many different ways
including foreign exchange trading.
The stock example above is a "classic" sort of hedge, known in the industry as a pairs
trade due to the trading on a pair of related securities.
As investors became more sophisticated, along with the mathematical tools used to calculate
values (known as models), the types of hedges have increased greatly.
Examples of hedging include: Forward exchange contract for currencies
Currency future contracts Money Market Operations for currencies
Forward Exchange Contract for interest Money Market Operations for interest
Future contracts for interest Covered Calls on equities
Short Straddles on equities or indexes Bets on elections or sporting events
Hedging strategies: A hedging strategy usually refers to the general
risk management policy of a financially and physically trading firm how to minimize their
risks.
As the term hedging indicates, this risk mitigation is usually done by using financial instruments,
but a hedging strategy as used by commodity traders like large energy companies, is usually
referring to a business model (including both financial and physical deals).
In order to show the difference between these strategies, let us consider the fictional
company BlackIsGreen Ltd trading coal by buying this commodity at the wholesale market and
selling it to households mostly in winter.
Back-to-back hedging: Back-to-back (B2B) is a strategy where any
open position is immediately closed, e.g. by buying the respective commodity on the
spot market.
This technique is often applied in the commodity market when the customers' price is directly
calculable from visible forward energy prices at the point of customer sign-up.
If BlackIsGreen decides to have a B2B-strategy, they would buy the exact amount of coal at
the very moment when the household customer comes into their shop and signs the contract.
This strategy minimizes many commodity risks, but has the drawback that it has a large volume
and liquidity risk, as BlackIsGreen does not know how whether it can find enough coal on
the wholesalemarket to fulfill the need of the households.
Tracker hedging: Tracker hedging is a pre-purchase approach,
where the open position is decreased the closer the maturity date comes.
If BlackIsGreen knows that most of the consumers demand coal in winter to heat their house.
A strategy driven by a tracker would now mean that BlackIsGreen buys e.g. half of the expected
coal volume in summer, another quarter in autumn and the remaining volume in winter.
The closer the winter comes, the better are the weather forecasts and therefore the estimate,
how much coal will be demanded by the households in the coming winter.
Retail customers' price will be influenced by long-term wholesale price trends.
A certain hedging corridor around the pre-defined tracker-curve is allowed and fraction of the
open positions decreases as the maturity date comes closer.
Delta hedging: Delta-hedging mitigates the financial risk
of an option by hedging against price changes in its underlying.
It is called like that as Delta is the first derivative of the option's value with respect
to the underlying instrument's price.
This is performed in practice by buying a derivative with an inverse price movement.
It is also a type of market neutral strategy.
Only if BlackIsGreen chooses to perform delta-hedging as strategy, actual financial instruments
come into play for hedging (in the usual, stricter meaning).
Risk reversal: Risk reversal means simultaneously buying
a call option and selling a put option.
This has the effect of simulating being long on a stock or commodity position.
Natural hedges: Many hedges do not involve exotic financial
instruments or derivatives such as the married put.
A natural hedge is an investment that reduces the undesired risk by matching cash flows
(i.e. revenues and expenses).
For example, an exporter to the United States faces a risk of changes in the value of the
U.S. dollar and chooses to open a production facility in that market to match its expected
sales revenue to its cost structure.
Another example is a company that opens a subsidiary in another country and borrows
in the foreign currency to finance its operations, even though the foreign interest rate may
be more expensive than in its home country: by matching the debt payments to expected
revenues in the foreign currency, the parent company has reduced its foreign currency exposure.
Similarly, an oil producer may expect to receive its revenues in U.S. dollars, but faces costs
in a different currency; it would be applying a natural hedge if it agreed to, for example,
pay bonuses to employees in U.S. dollars.
One common means of hedging against risk is the purchase of insurance to protect against
financial loss due to accidental property damage or loss, personal injury, or loss of
life.
Categories of hedgeable risk: There are varying types of financial risk
that can be protected against with a hedge.
Those types of risks include: Commodity risk: the risk that arises from
potential movements in the value of commodity contracts, which include agricultural products,
metals, and energy products.
Credit risk: the risk that money owing will not be paid by an obligor.
Since credit risk is the natural business of banks, but an unwanted risk for commercial
traders, an early market developed between banks and traders that involved selling obligations
at a discounted rate.
Currency risk (also known as Foreign Exchange Risk hedging) is used both by financial investors
to deflect the risks they encounter when investing abroad and by non-financial actors in the
global economy for whom multi-currency activities are a necessary evil rather than a desired
state of exposure.
Interest rate risk: the risk that the relative value of an interest-bearing liability,
such as a loan or a bond, will worsen due to an interest rate increase.
Interest rate risks can be hedged using fixed-income instruments or interest rate swaps.
Equity risk: the risk that one's investments will depreciate because of stock market dynamics
causing one to lose money.
Volatility risk: is the threat that an exchange rate movement poses to an investor's
portfolio in a foreign currency.
Volume risk is the risk that a customer demands more or less of a product than expected.
Hedging equity and equity futures: Equity in a portfolio can be hedged by taking
an opposite position in futures.
To protect your stock picking against systematic market risk, futures are shorted when equity
is purchased, or long futures when stock is shorted.
One way to hedge is the market neutral approach.
In this approach, an equivalent dollar amount in the stock trade is taken in futures – for
example, by buying 10,000 GBP worth of Vodafone and shorting 10,000 worth of FTSE futures
(the index in which Vodafone trades).
Another way to hedge is the beta neutral.
Beta is the historical correlation between a stock and an index.
If the beta of a Vodafone stock is 2, then for a 10,000 GBP long position in Vodafone
an investor would hedge with a 20,000 GBP equivalent short position in the FTSE futures.
Futures contracts and forward contracts are means of hedging against the risk of adverse
market movements.
These originally developed out of commodity markets in the 19th century, but over the
last fifty years a large global market developed in products to hedge financial market risk.
Futures hedging: Investors who primarily trade in futures may
hedge their futures against synthetic futures.
A synthetic in this case is a synthetic future comprising a call and a put position.
Long synthetic futures means long call and short put at the same expiry price.
To hedge against a long futures trade a short position in synthetics can be established,
and vice versa.
Stack hedging is a strategy which involves buying various futures contracts that are
concentrated in nearby delivery months to increase the liquidity position.
It is generally used by investors to ensure the surety of their earnings for a longer
period of time.
Contract for difference: A contract for difference (CFD) is a two-way
hedge or swap contract that allows the seller and purchaser to fix the price of a volatile
commodity.
Consider a deal between an electricity producer and an electricity retailer, both of whom
trade through an electricity market pool.
If the producer and the retailer agree to a strike price of $50 per MWh, for 1 MWh in
a trading period, and if the actual pool price is $70, then the producer gets $70 from the
pool but has to rebate $20 (the "difference" between the strike price and the pool price)
to the retailer.
Conversely, the retailer pays the difference to the producer if the pool price is lower
than the agreed upon contractual strike price.
In effect, the pool volatility is nullified and the parties pay and receive
$50 per MWh.
However, the party who pays the difference is "out of the money" because without the
hedge they would have received the benefit of the pool price.
Related concepts: Forwards: A contract specifying future
delivery of an amount of an item, at a price decided now.
The delivery is obligatory, not optional.
Forward rate agreement (FRA): A contract specifying an interest rate amount to be settled
at a pre-determined interest rate on the date of the contract.
Option (finance): similar to a forward contract, but optional.
Call option: A contract that gives the owner the right, but not the obligation, to
buy an item in the future, at a price decided now.
Put option: A contract that gives the owner the right, but not the obligation, to
sell an item in the future, at a price decided now.
Non-deliverable forwards (NDF): A strictly risk-transfer financial product similar to
a Forward Rate Agreement, but used only where monetary policy restrictions on the currency
in question limit the free flow and conversion of capital.
As the name suggests, NDFs are not delivered but settled in a reference currency, usually
USD or EUR, where the parties exchange the gain or loss that the NDF instrument yields,
and if the buyer of the controlled currency truly needs that hard currency, he can take
the reference payout and go to the government in question and convert the USD or EUR payout.
The insurance effect is the same; it's just that the supply of insured currency is restricted
and controlled by government.
See capital control.
Interest rate parity and Covered interest arbitrage: The simple concept that two similar
investments in two different currencies ought to yield the same return.
If the two similar investments are not at face value offering the same interest rate
return, the difference should conceptually be made up by changes in the exchange rate
over the life of the investment.
IRP basically provides the math to calculate a projected or implied forward rate of exchange.
This calculated rate is not and cannot be considered a prediction or forecast, but rather
is the arbitrage-free calculation for what the exchange rate is implied to be in order
for it to
be impossible to make a free profit by converting money to one currency, investing it for a
period, then converting back and making more money
than if a person had invested in the same opportunity in
the original currency.
Hedge fund: A fund which may engage in hedged transactions
or hedged investment strategies.
Thanks for watching.
Please, subscribe to our channel.
-------------------------------------------
What is Gaifong? | Rent everything you need | Gaifong - Duration: 0:58.
For more infomation >> What is Gaifong? | Rent everything you need | Gaifong - Duration: 0:58. -------------------------------------------
"Het is een uit de hand gelopen hobby!" | Valentin Verga #LAL003 - Duration: 6:16.
Hi, My name is Valentin Verga
I'm hockey player of Amsterdam and the dutch squad
Welcome to my life!
What do you enjoy the most in the work you do?
I don't see it as my work, I see it as a hobby that got out of hand
I'm just very happy that what I love, I also can call my job
and to live from my hobby
Just for now , not forever
That's the most beautiful thing there is, make from your hobby your work
On the moment that I got the chance to sport I was like 2,3 years old
I first start with football in the Netherlands
After that I went back to Argentina
On that moment I started to play hockey but it wasn't that fun
After that I was going to try out every sport there was
Rugby, Swimming, Waterpolo, Hockey and Football
On Saturday I played rugby and on Sunday I played Football
My uncle said to me that he want me to play rugby
Because he think that I'm more talented for that than I was for hockey
But on a moment all your friends go out there and they all choose hockey so I made my decision
When I came to The Netherlands hockey became more seriously
And I've made my name in the Netherlands
Had you ever expect to be a famous hockeyplayer?
I'm just a hockeyer
So not that famous
But in the hockey scene I'm a pretty big name
If I had expect it?
No
You never know what kind of impact it's gonna have because you're so busy with the game
Is your life different since you became a famous hockey player?
Different? No, I've always tried to be myself
But yes you chance, also as a person
You're growing
Do you have a superstition?
Back in the days I had, but it makes me tired
But now? what do I do now?
A few basic things, first put on your left shoe and than your right
Always first enter the pitch with your right leg
But if there is anything I do and we keep winning, than I repeat doing that
Until it goes bad, than I stop instantly
Do you have a problem with losing?
No, but there is a moment that I've peace with it
Than you cam come back and turn it around
No top athlete can admit his lose
What is the toughest lose you ever have taken?
2002, Rio
That was a big lose for us
Because it wasn't what we expect it would be
And the WC finale 2014 The Hague
That's also a painful lose 6 - 1 against Australia in our own stadium
That was a tough one
But yeah, at last we have a lot of other moments that are more important
Whats your favorite hobby beside of playing hockey?
I love bodyboarding, really nice
I do it since I was a kid
And that's something I do every summer again
Beside of that I play a lot of football
With our team we're playing it a lot when we get the chance to
Even before our own hockey training
A big hobby
What is your golden tip to become a pro hockey player?
I think the most important is to have fun
There are so many things that aren't that fun
I saw a video on the internet of a cabaret who says
If you want to be a pro hockeyer so bad
You don't see the other things around it anymore
Fun things
And than your losing your own pleasure
Because you're to busy to reach that one goal
But if you're looking around you there are so much more beautiful things
Friends, Vacations, pleasure on the pitch and training
What is the nicest thing you have now because of your career?
My life in particular
The friends I've made, my hometown Amsterdam
It's tough to name one thing
I've got my life because of hockey and that's the reason I live like this
-------------------------------------------
What is Gross Domestic Product? | Definition & Explanation of Gross Domestic Product (GDP) - Duration: 34:40.
Gross domestic product (GDP) is a monetary measure of the market value of all final goods
and services produced in a period (quarterly or yearly) of time.
Nominal GDP estimates are commonly used to determine the economic performance of a whole
country or region, and to make international comparisons.
Nominal GDP per capita does not, however, reflect differences in the cost of living
and the inflation rates of the countries; therefore using a basis of GDP per capita
at purchasing power parity (PPP) is arguably more useful when comparing differences in
living standards between different nations.
Definition: The OECD defines GDP as "an aggregate measure
of production equal to the sum of the gross values added of all resident and institutional
units engaged in production (plus any taxes, and minus any subsidies, on products not included
in the value of their outputs)."
An IMF publication states that "GDP measures the monetary value of final goods and services
- that are bought by the final user - produced in a country in a given period of time (say
a quarter or a year)."
Total GDP can also be broken down into the contribution of each industry or sector of
the economy.
The ratio of GDP to the total population of the region is the per capita GDP and the same
is called Mean Standard of Living.
GDP is considered the "world's most powerful statistical indicator of national development
and progress".
History: William Petty came up with a basic concept
of GDP to defend landlords against unfair taxation during warfare between the Dutch
and the English between 1652 and 1674.
Charles Davenantdeveloped the method further in 1695.
The modern concept of GDP was first developed by Simon Kuznets for a US Congress report
in 1934.
In this report, Kuznets warned against its use as a measure of welfare (see below under
limitations and criticisms).
After the Bretton Woods conference in 1944, GDP became the main tool for measuring a country's
economy.
At that time gross national product (GNP) was the preferred estimate, which differed
from GDP in that it measured production by a country's citizens at home and abroad rather
than its 'resident institutional units' (see OECD definition above).
The switch from "GNP" to "GDP" in the US was in 1991, trailing behind most other nations.
Crucial to the development of GDP was its role in the wartime effort.A crucial role
was played here by the US Department of Commerce under Milton Gilbert where ideas from Kuznets
were embedded into governmental institutions.
The history of the concept of GDP should be distinguished from the history of changes
in ways of estimating it.
The value added by firms is relatively easy to calculate from their accounts, but the
value added by the public sector, by financial industries, and by intangible asset creation
is more complex.
These activities are increasingly important in developed economies, and the international
conventions governing their estimation and their inclusion or exclusion in GDP regularly
change in an attempt to keep up with industrial advances.
In the words of one academic economist "The actual number for GDP is therefore the product
of a vast patchwork of statistics and a complicated set of processes carried out on the raw data
to fit them to the conceptual framework."
Determining gross domestic product (GDP): GDP can be determined in three ways, all of
which should, in principle, give the same result.
They are the production (or output or value added) approach, the income approach, or the
speculated expenditure approach.
The most direct of the three is the production approach, which sums the outputs of every
class of enterprise to arrive at the total.
The expenditure approach works on the principle that all of the product must be bought by
somebody, therefore the value of the total product must be equal to people's total expenditures
in buying things.
The income approach works on the principle that the incomes of the productive factors
("producers," colloquially) must be equal to the value of their product, and determines
GDP by finding the sum of all producers' incomes.
Production approach: This approach mirrors the OECD definition
given above.
1.
Estimate the gross value of domestic output out of the many various economic activities;
2.
Determine the [intermediate consumption], i.e., the cost of material, supplies and services
used to produce final goods or services.
3.
Deduct intermediate consumption from gross value to obtain the gross value added.
Gross value added = gross value of output – value of intermediate consumption.
Value of output = value of the total sales of goods and services plus value of changes
in the inventory.
The sum of the gross value added in the various economic activities is known as "GDP at factor
cost".
GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price".
For measuring output of domestic product, economic activities (i.e. industries) are
classified into various sectors.
After classifying economic activities, the output of each sector is calculated by any
of the following two methods: 1.
By multiplying the output of each sector by their respective market price and adding them
together 2.
By collecting data on gross sales and inventories from the records of companies and adding them
together The gross value of all sectors is then added
to get the gross value added (GVA) at factor cost.
Subtracting each sector's intermediate consumption from gross output gives the GVA at factor
cost.
Adding indirect tax minus subsidies in GVA at factor cost gives the "GVA at producer
prices".
Income approach: The second way of estimating GDP is to use
"the sum of primary incomes distributed by resident producer units".
If GDP is calculated this way it is sometimes called gross domestic income (GDI), or GDP
(I).
GDI should provide the same amount as the expenditure method described later.
(By definition, GDI = GDP.
In practice, however, measurement errors will make the two figures slightly off when reported
by national statistical agencies.)
This method measures GDP by adding incomes that firms pay households for factors of production
they hire - wages for labour, interest for capital, rent for land and profits for entrepreneurship.
The US "National Income and Expenditure Accounts" divide incomes into five categories:
1.
Wages, salaries, and supplementary labour income
2.
Corporate profits 3.
Interest and miscellaneous investment income 4.
Farmers' incomes 5.
Income from non-farm unincorporated businesses These five income components sum to net domestic
income at factor cost.
Two adjustments must be made to get GDP: 1.
Indirect taxes minus subsidies are added to get from factor cost to market prices.
2.
Depreciation (or capital consumption allowance) is added to get from net domestic product
to gross domestic product.
Total income can be subdivided according to various schemes, leading to various formulae
for GDP measured by the income approach.
A common one is: GDP = compensation of employees + gross operating
surplus + gross mixed income + taxes less subsidies on production and imports
GDP = COE + GOS + GMI + TP & M – SP & M Compensation of employees (COE) measures
the total remuneration to employees for work done.
It includes wages and salaries, as well as employer contributions to social security
and other such programs.
Gross operating surplus (GOS) is the surplus due to owners of incorporated businesses.
Often called profits, although only a subset of total costs are subtracted from gross output
to calculate GOS.
Gross mixed income (GMI) is the same measure as GOS, but for unincorporated businesses.
This often includes most small businesses.
The sum of COE, GOS and GMI is called total factor income; it is the income of all of
the factors of production in society.
It measures the value of GDP at factor (basic) prices.
The difference between basic prices and final prices (those used in the expenditure calculation)
is the total taxes and subsidies that the government has levied or paid on that production.
So adding taxes less subsidies on production and imports converts GDP at factor cost to
GDP(I).
Total factor income is also sometimes expressed as:
Total factor income = employee compensation + corporate profits + proprietor's income
+ rental income + net interest Expenditure approach:
The third way to estimate GDP is to calculate the sum of the final uses of goods and services
(all uses except intermediate consumption) measured in purchasers' prices.
Market goods which are produced are purchased by someone.
In the case where a good is produced and unsold, the standard accounting convention is that
the producer has bought the good from themselves.
Therefore, measuring the total expenditure used to buy things is a way of measuring production.
This is known as the expenditure method of calculating GDP.
Components of GDP by expenditure: Here is a description of each GDP component:
C (consumption) is normally the largest GDP component in the economy, consisting of
private expenditures in the economy (household final consumption expenditure).
These personal expenditures fall under one of the following categories: durable goods,
nondurable goods, and services.
Examples include food, rent, jewelry, gasoline, and medical expenses, but not the purchase
of new housing.
I (investment) includes, for instance, business investment in equipment, but does
not include exchanges of existing assets.
Examples include construction of a new mine, purchase of software, or purchase of machinery
and equipment for a factory.
Spending by households (not government) on new houses is also included in investment.
In contrast to its colloquial meaning, "investment" in GDP does not mean purchases of financial
products.
Buying financial products is classed as 'saving', as opposed to investment.
This avoids double-counting: if one buys shares in a company, and the company uses the money
received to buy plant, equipment, etc., the amount will be counted toward GDP when the
company spends the money on those things; to also count it when one gives it to the
company would be to count two times an amount that only corresponds to one group of products.
Buying bonds or stocks is a swapping of deeds, a transfer of claims on future production,
not directly an expenditure on products.
G (government spending) is the sum of government expenditures on final goods and
services.
It includes salaries of public servants, purchases of weapons for the military and any investment
expenditure by a government.
It does not include any transfer payments, such as social security or unemployment benefits.
X (exports) represents gross exports.
GDP captures the amount a country produces, including goods and services produced for
other nations' consumption, therefore exports are added.
M (imports) represents gross imports.
Imports are subtracted since imported goods will be included in the terms G, I, or C,
and must be deducted to avoid counting foreign supply as domestic.
Note that C, G, and I are expenditures on final goods and services; expenditures on
intermediate goods and services do not count.
(Intermediate goods and services are those used by businesses to produce other goods
and services within the accounting year.)
According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national
accounts in the United States, "In general, the source data for the expenditures components
are considered more reliable than those for the income components [see income method,
below]."
GDP vs GNI: GDP can be contrasted with gross national
product (GNP) or, as it is now known, gross national income (GNI).
The difference is that GDP defines its scope according to location, while GNI defines its
scope according to ownership.
In a global context, world GDP and world GNI are, therefore, equivalent terms.
GDP is product produced within a country's borders; GNI is product produced by enterprises
owned by a country's citizens.
The two would be the same if all of the productive enterprises in a country were owned by its
own citizens, and those citizens did not own productive enterprises in any other countries.
In practice, however, foreign ownership makes GDP and GNI non-identical.
Production within a country's borders, but by an enterprise owned by somebody outside
the country, counts as part of its GDP but not its GNI; on the other hand, production
by an enterprise located outside the country, but owned by one of its citizens, counts as
part of its GNI but not its GDP.
For example, the GNI of the USA is the value of output produced by American-owned firms,
regardless of where the firms are located.
Similarly, if a country becomes increasingly in debt, and spends large amounts of income
servicing this debt this will be reflected in a decreased GNI but not a decreased GDP.
Similarly, if a country sells off its resources to entities outside their country this will
also be reflected over time in decreased GNI, but not decreased GDP.
This would make the use of GDP more attractive for politicians in countries with increasing
national debt and decreasing assets.
Gross national income (GNI) equals GDP plus income receipts from the rest of the world
minus income payments to the rest of the world.
In 1991, the United States switched from using GNP to using GDP as its primary measure of
production.
The relationship between United States GDP and GNP is shown in table 1.7.5 of the National
Income and Product Accounts.
International standards: The international standard for measuring GDP
is contained in the book System of National Accounts (1993), which was prepared by representatives
of the International Monetary Fund, European Union, Organization for Economic Co-operation
and Development, United Nations and World Bank.
The publication is normally referred to as SNA93 to distinguish it from the previous
edition published in 1968 (called SNA68) SNA93 provides a set of rules and procedures
for the measurement of national accounts.
The standards are designed to be flexible, to allow for differences in local statistical
needs and conditions.
National measurement: Within each country GDP is normally measured
by a national government statistical agency, as private sector organizations normally do
not have access to the information required (especially information on expenditure and
production by governments).
Nominal GDP and adjustments to GDP: The raw GDP figure as given by the equations
above is called the nominal, historical, or current, GDP.
When one compares GDP figures from one year to another, it is desirable to compensate
for changes in the value of money – i.e., for the effects of inflation or deflation.
To make it more meaningful for year-to-year comparisons, it may be multiplied by the ratio
between the value of money in the year the GDP was measured and the value of money in
a base year.
For example, suppose a country's GDP in 1990 was $100 million and its GDP in 2000 was $300
million.
Suppose also that inflation had halved the value of its currency over that period.
To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP
in 2000 by one-half, to make it relative to 1990 as a base year.
The result would be that the GDP in 2000 equals $300 million × one-half = $150 million, in
1990 monetary terms.
We would see that the country's GDP had realistically increased 50 percent over that period, not
200 percent, as it might appear from the raw GDP data.
The GDP adjusted for changes in money value in this way is called the real, or constant,
GDP.
The factor used to convert GDP from current to constant values in this way is called the
GDP deflator.
Unlike consumer price index, which measures inflation or deflation in the price of household
consumer goods, the GDP deflator measures changes in the prices of all domestically
produced goods and services in an economy including investment goods and government
services, as well as household consumption goods.
Constant-GDP figures allow us to calculate a GDP growth rate, which indicates how much
a country's production has increased (or decreased, if the growth rate is negative) compared to
the previous year.
Real GDP growth rate for year n = [(Real GDP in year n) − (Real GDP in year n − 1)]
/ (Real GDP in year n − 1) Another thing that it may be desirable to
account for is population growth.
If a country's GDP doubled over a certain period, but its population tripled, the increase
in GDP may not mean that the standard of living increased for the country's residents; the
average person in the country is producing less than they were before.
Per-capita GDP is a measure to account for population growth.
Cross-border comparison and purchasing power parity:
The level of GDP in different countries may be compared by converting their value in national
currency according to either the current currency exchange rate, or the purchasing power parity
exchange rate.
Current currency exchange rate is the exchange rate in the international foreign
exchange market.
Purchasing power parity exchange rate is the exchange rate based on the purchasing
power parity (PPP) of a currency relative to a selected standard (usually the United
States dollar).
This is a comparative (and theoretical) exchange rate, the only way to directly realize this
rate is to sell an entire CPI basket in one country, convert the cash at the currency
market rate & then rebuy that same basket of goods in the other country (with the converted
cash).
Going from country to country, the distribution of prices within the basket will vary; typically,
non-tradable purchases will consume a greater proportion of the basket's total cost in the
higher GDP country, per the Balassa-Samuelson effect.
The ranking of countries may differ significantly based on which method is used.
The current exchange rate method converts the value of goods and services using global
currency exchange rates.
The method can offer better indications of a country's international purchasing power.
For instance, if 10% of GDP is being spent on buying hi-tech foreign arms, the number
of weapons purchased is entirely governed by current exchange rates, since arms are
a traded product bought on the international market.
There is no meaningful 'local' price distinct from the international price for high technology
goods.
The PPP method of GDP conversion is more relevant to non-traded goods and services.
In the above example if hi-tech weapons are to be produced internally their amount will
be governed by GDP(PPP) rather than nominal GDP.
There is a clear pattern of the purchasing power parity method decreasing the disparity
in GDP between high and low income (GDP) countries, as compared to the current exchange rate method.
This finding is called the Penn effect.
For more information, see Measures of national income and output.
Standard of living and GDP: Wealth distribution and externalities:
GDP per capita is often used as an indicator of living standards.
The major advantage of GDP per capita as an indicator of standard of living is that it
is measured frequently, widely, and consistently.
It is measured frequently in that most countries provide information on GDP on a quarterly
basis, allowing trends to be seen quickly.
It is measured widely in that some measure of GDP is available for almost every country
in the world, allowing inter-country comparisons.
It is measured consistently in that the technical definition of GDP is relatively consistent
among countries.
GDP does not include several factors that influence the standard of living.
In particular, it fails to account for: Externalities – Economic growth may
entail an increase in negative externalities that are not directly measured in GDP.
Increased industrial output might grow GDP, but any pollution is not counted.
Non-market transactions– GDP excludes activities that are not provided through the
market, such as household production, bartering of goods and services, and volunteer or unpaid
services.
Non-monetary economy– GDP omits economies where no money comes into play at all, resulting
in inaccurate or abnormally low GDP figures.
For example, in countries with major business transactions occurring informally, portions
of local economy are not easily registered.
Bartering may be more prominent than the use of money, even extending to services.
Quality improvements and inclusion of new products– by not fully adjusting for
quality improvements and new products, GDP understates true economic growth.
For instance, although computers today are less expensive and more powerful than computers
from the past, GDP treats them as the same products by only accounting for the monetary
value.
The introduction of new products is also difficult to measure accurately and is not reflected
in GDP despite the fact that it may increase the standard of living.
For example, even the richest person in 1900 could not purchase standard products, such
as antibiotics and cell phones, that an average consumer can buy today, since such modern
conveniences did not exist then.
Sustainability of growth– GDP is a measurement of economic historic activity and is not necessarily
a projection.
Wealth distribution – GDP does not account for variances in incomes of various demographic
groups.
See income inequality metrics for discussion of a variety of inequality-based economic
measures.
It can be argued that GDP per capita as an indicator standard of living is correlated
with these factors, capturing them indirectly.
As a result, GDP per capita as a standard of living is a continued usage because most
people have a fairly accurate idea of what it is and know it is tough to come up with
quantitative measures for such constructs as happiness, quality of life, and well-being.
Limitations and criticisms: Limitations at introduction:
Simon Kuznets, the economist who developed the first comprehensive set of measures of
national income, stated in his first report to the US Congress in 1934, in a section titled
"Uses and Abuses of National Income Measurements": The valuable capacity of the human mind to
simplify a complex situation in a compact characterization becomes dangerous when not
controlled in terms of definitely stated criteria.
With quantitative measurements especially, the definiteness of the result suggests, often
misleadingly, a precision and simplicity in the outlines of the object measured.
Measurements of national income are subject to this type of illusion and resulting abuse,
especially since they deal with matters that are the center of conflict of opposing social
groups where the effectiveness of an argument is often contingent upon oversimplification.
All these qualifications upon estimates of national income as an index of productivity
are just as important when income measurements are interpreted from the point of view of
economic welfare.
But in the latter case additional difficulties will be suggested to anyone who wants to penetrate
below the surface of total figures and market values.
Economic welfare cannot be adequately measured unless the personal distribution of income
is known.
And no income measurement undertakes to estimate the reverse side of income, that is, the intensity
and unpleasantness of effort going into the earning of income.
The welfare of a nation can, therefore, scarcely be inferred from a measurement of national
income as defined above.
In 1962, Kuznets stated: Distinctions must be kept in mind between
quantity and quality of growth, between costs and returns, and between the short and long
run.
Goals for more growth should specify more growth of what and for what.
Further criticisms: Ever since the development of GDP, multiple
observers have pointed out limitations of using GDP as the overarching measure of economic
and social progress.
Many environmentalists argue that GDP is a poor measure of social progress because it
does not take into account harm to the environment.
Although a high or rising level of GDP is often associated with increased economic and
social progress within a country, a number of scholars have pointed out that this does
not necessarily play out in many instances.
For example, Jean Drèze and Amartya Sen have pointed out that an increase in GDP or in
GDP growth does not necessarily lead to a higher standard of living, particularly in
areas such as healthcare and education.
Another important area that does not necessarily improve along with GDP is political liberty,
which is most notable in China, where GDP growth is strong yet political liberties are
heavily restricted.
GDP does not account for the distribution of income among the residents of a country,
because GDP is merely an aggregate measure.
An economy may be highly developed or growing rapidly, but also contain a wide gap between
the rich and the poor in a society.
These inequalities often occur on the lines of race, ethnicity, gender, religion, or other
minority status within countries.
This can lead to misleading characterizations of economic well-being if the income distribution
is heavily skewed toward the high end, as the poorer residents will not directly benefit
from the overall level of wealth and income generated in their country.
Even GDP per capita measures may have the same downside if inequality is high.
For example, South Africa during apartheid ranked high in terms of GDP per capita, but
the benefits of this immense wealth and income were not shared equally among the country.
GDP does not take into account the value of household and other unpaid work.
Some, including Martha Nussbaum, argue that this value should be included in measuring
GDP, as household labor is largely a substitute for goods and services that would otherwise
be purchased for value.
Even under conservative estimates, the value of unpaid labor in Australia has been calculated
to be over 50% of the country's GDP.
A later study analyzed this value in other countries, with results ranging from a low
of about 15% in Canada (using conservative estimates) to high of nearly 70% in the United
Kingdom (using more liberal estimates).
For the United States, the value was estimated to be between about 20% on the low end to
nearly 50% on the high end, depending on the methodology being used.
Because many public policies are shaped by GDP calculations and by the related field
of national accounts, the non-inclusion of unpaid work in calculating GDP can create
distortions in public policy, and some economists have advocated for changes in the way public
policies are formed and implemented.
The UK's Natural Capital Committee highlighted the shortcomings of GDP in its advice to the
UK Government in 2013, pointing out that GDP "focuses on flows, not stocks.
As a result, an economy can run down its assets yet, at the same time, record high levels
of GDP growth, until a point is reached where the depleted assets act as a check on future
growth".
They then went on to say that "it is apparent that the recorded GDP growth rate overstates
the sustainable growth rate.
Broader measures of wellbeing and wealth are needed for this and there is a danger that
short-term decisions based solely on what is currently measured by national accounts
may prove to be costly in the long-term".
Proposals to overcome GDP limitations: In response to these and other limitations
of using GDP, alternative approaches have emerged.
In the 1980s, Amartya Sen and Martha Nussbaum developed the capability approach, which focuses
on the functional capabilities enjoyed by people within a country, rather than the aggregate
wealth held within a country.
These capabilities consist of the functions that a person is able to achieve.
In 1990 Mahbub ul Haq, a Pakistani Economist at the United Nations, introduced the Human
Development Index (HDI).
The HDI is a composite index of life expectancy at birth, adult literacy rate and standard
of living measured as a logarithmic function of GDP, adjusted to purchasing power parity.
In 1989, John B. Cobb and Herman Daly introduced Index of Sustainable Economic Welfare
(ISEW) by taking into account various other factors such as consumption of nonrenewable
resources and degradation of the environment.
The new formula deducted from GDP (personal consumption + public non-defensive expenditures
- private defensive expenditures + capital formation + services from domestic labour
- costs of environmental degradation - depreciation of natural capital)
In 2005, Med Jones, an American Economist, at the International Institute of Management,
introduced the first secular Gross National Happiness Index a.k.a Gross National Well-beingframework
and Index to complement GDP economics with additional seven dimensions, including environment,
education, and government, work, social and health (mental and physical) indicators.
The proposal was inspired by the King of Bhutan's GNH philosophy.
In 2009 the European Union released a communication titled GDP and beyond: Measuring
progress in a changing world that identified five actions to improve the indicators of
progress in ways that make it more responsive to the concerns of its citizens: Introduced
a proposal to complementing GDP with environmental and social indicators
In 2009 Professors Joseph Stiglitz, Amartya Sen, and Jean-Paul Fitoussi at the Commission
on the Measurement of Economic Performance and Social Progress (CMEPSP), formed by French
President, Nicolas Sarkozy published a proposal to overcome the limitation of GDP economics
to expand the focus to well-being economics with wellbeing framework consisting of health,
environment, work, physical safety, economic safety, political freedom.
In 2012, the Karma Ura of the Center for Bhutan Studies published Bhutan Local GNH
Index contributors to happiness—physical, mental and spiritual health; time-balance;
social and community vitality; cultural vitality; education; living standards; good governance;
and ecological vitality.
The Bhutan GNH Index.
In 2013 OECD Better Life Index was published by the OECD.
The dimensions of the index included health, economic, workplace, income, jobs, housing,
civic engagement, life satisfaction In 2013 professors John Helliwell, Richard
Layard and Jeffrey Sachs published World Happiness Report and proposed to measure other wellbeing
indicators in addition to GDP.
The evaluation framework included GDP per capita, Gini (income inequality), life satisfaction,
health, freedom of life choices, trust and absence of corruption.
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