[User] Please transcribe this text

[Assistant] Alright, we're here at the 8th hole, it's uh, par 4, and has some very difficult hazards which many golfers find difficult to avoid. Although I did see Jack Nicklaus hit a hole or one on this very same hole.


[User] Please transcribe this text

[Assistant] Oh no, not a good swing at all. It's definitely not his day today. On the seventh hole he got a bogey and before that he barely made par. He will definitely not get a birdie on this shot.


[User] Please transcribe this text

[Assistant] Thank you, Rick. As you can see, ladies and gentlemen, we are here in beautiful Pebble Beach, where the top golfers in the world are vying to win the grand prize of one million dollars.


[User] Please transcribe this text

[Assistant] Alright, we're here at the 8th hole, it's a par 4, and has some very difficult hazards which many golfers find difficult to avoid.


[User] Please transcribe this text

[Assistant] Although, I did see Jack Nicklaus hit a hole in one on this very same hole.


[User] Please transcribe this text

[Assistant] Oh no, not a good swing at all. It is definitely not his day today. On the seventh hole he got a bogey, and before that he barely made par. He'll definitely not get a birdie on this shot.


[User] Please transcribe this text

[Assistant] Thank you, Rick. As you can see, ladies and gentlemen, we are here in beautiful Pebble Beach where the top golfers in the world are vying to win the grand prize of one.


[User] Please transcribe this text

[Assistant] Alright, we're here at the eighth hole, it's uh, par four, and has some very difficult hazards which many golfers find difficult to avoid. Although I did see Jack Nicklaus hit a hole at one on this very same hole.


[User] Please transcribe this text

[Assistant] Oh no, not a good swing at all. It's definitely not his day today. On the seventh hole he got a bogey and before that he barely made par. He will definitely not get a birdie on this shot.


[User] Please transcribe this text

[Assistant] Tiger Woods is about to tee off, and let's see if he has the same luck as Jack.


[User] Please transcribe this text

[Assistant] Tiger is asking his caddy for his driver, and he seems to be very nervous.


[User] Please transcribe this text

[Assistant] I hope you've all got a fire in your belly. The challenge that will ignite our contestants.


[User] Please transcribe this text

[Assistant] The anxiety of the unknown for the first pressure test is obviously gone, but emotionally it gets a little bit harder because it's a constant reminder that you've just had a bad cook and that you're in the bottom.


[User] Please transcribe this text

[Assistant] Looks amazing. I think it was pretty cool if the situation wasn't so serious.


[User] Please transcribe this text

[Assistant] It's a bit nerve wracking going first. No idea what we're going to be in for. We might get up there and it just be completely impossible.


[User] Please transcribe this text

[Assistant] So I'm the first to go up and I'm just a bag of nerves.


[User] Please transcribe this text

[Assistant] There's some quite familiar looking things. And then there's some things that I've absolutely no idea about.


[User] Please transcribe this text

[Assistant] I've got the smoky apple puree. I've got the apple chips in the oven. And I made apple caramel syrup.


[User] Please transcribe this text

[Assistant] I check on the apple chips, they're still a bit squishy. And they're just not crispy. I'll put the temperature, I'll put them in at.


[User] Please transcribe this text

[Assistant] There's two guys stood over there who are, who are kind of amazing cooks. We'll just have to see what happens.


[User] Please transcribe this text

[Assistant] Welcome back. Let's now start working on project number two of this section.


[User] Please transcribe this text

[Assistant] And in this small project, we're gonna build our first UI component. And that is this modal window that we can see here.


[User] Please transcribe this text

[Assistant] By opening or by clicking actually on one of these buttons. So I'm sure you've seen this kind of component all over the place when visiting web pages. And so it's simply this, uh, window here, basically, and this overlay, which gets, uh, overlaid over the rest of the page, right?


[User] Please transcribe this text

[Assistant] So no matter which of these three buttons we click, it will always open this modal window.


[User] Please transcribe this text

[Assistant] And to close this window, as you already saw, we can either click this button here, or we can click outside of the window. So basically on this overlay. And again, I'm sure that you have seen this functionality when visiting other webpages.


[User] Please transcribe this text

[Assistant] So that worked as well. And finally, we can also close this window by hitting the escape key on our keyboard like this. Okay.


[User] Please transcribe this text

[Assistant] And this is actually very simple and very easy to build. Probably way easier than it looks like.


[User] Please transcribe this text

[Assistant] But it will still be very useful to learn how to work with classes. And that's super important because manipulating classes is actually the main way in which we manipulate webpages. Okay?


[User] Please transcribe this text

[Assistant] Now here on the left side, I still have the code from the previous project open. And that's because I wanted to show you how to close the live server. So let's go back to the terminal.


[User] Please transcribe this text

[Assistant] And so as we hit new terminal, it actually creates a new terminal.


[User] Please transcribe this text

[Assistant] So, if we want to go to the first one that was already running, we need to go here to, so to this menu here, and then number one, which is this note.


[User] Please transcribe this text

[Assistant] So, to change this now, we hit Ctrl-C. And that's even Ctrl on a Mac. So it's not Command-C, it is Ctrl-C.


[User] Please transcribe this text

[Assistant] And I guess on Windows, it's gonna be the same. But if it's not, you can just click this trash can here, and that will also then kill the terminal. So as I hit Ctrl C...


[User] Please transcribe this text

[Assistant] The process has finished and so the live server is no longer running. So if I come here to this URL.


[User] Please transcribe this text

[Assistant] So, so this localhost URL plus the current port, which is 8080. So if I now reload this page, it will be gone. So there's no connection possible anymore because I just killed the live server. Okay, just wanted to let you know about that.


[User] Please transcribe this text

[Assistant] Okay, anyway, let's now close up this folder here and open a new one.


[User] Please transcribe this text

[Assistant] And as always, I already have here the starter files for this modal project. So let's open up a new VS Code window.


[User] Please transcribe this text

[Assistant] And once again, I have the previous configuration here, and then the index, the JavaScript, and the CSS styles.


[User] Please transcribe this text

[Assistant] Okay, open up Script, and actually we can open all of them, because we will want to take a look at the three files.


[User] Please transcribe this text

[Assistant] Okay. And as before, we still are using strict mode, and so I already included that here at the top of the file.


[User] Please transcribe this text

[Assistant] Okay, and now let's get to work actually. Now this time we will actually start by selecting everything that we're gonna need for this project. So that's usually what we do when we build a project like this.


[User] Please transcribe this text

[Assistant] So we select the elements that we need, and then we store the selections into variables. Okay? And then we can use them over and over again.


[User] Please transcribe this text

[Assistant] So that's way better than selecting the same elements over and over again, like we did in the last project. Alright? But in the last project, I didn't want to overcomplicate stuff and do too many things at the same time, and so I just selected all the stuff multiple times.


[User] Please transcribe this text

[Assistant] But again, this time we will have all the necessary selections, so all the necessary elements that we're going to need, nicely organized here at the top of the file, each in its own variable.


[User] Please transcribe this text

[Assistant] So, let's take a look at the HTML. And so here we see the three buttons.


[User] Please transcribe this text

[Assistant] So that's these three buttons. And then we actually already have the modal window here in the code.


[User] Please transcribe this text

[Assistant] So this div element here. So it's already in the code, it's simply hidden. That's why it has this hidden class. And now in the CSS, let's come here to the, to the bottom of the file. And so the hidden class simply sets the display to none. And so that's why the window is currently hidden. Alright.


[User] Please transcribe this text

[Assistant] Again, as I said in the beginning, in this project, we will work with classes. And so this hidden class is the main class that we will be concerned with.


[User] Please transcribe this text

[Assistant] So, anyway, this means that we will not basically create the HTML for the model window using JavaScript. It is already there. All we will do is to show it and to hide it according to the clicks on the buttons.


[User] Please transcribe this text

[Assistant] So that's the modal, and, uh, that is the overlay.


[User] Please transcribe this text

[Assistant] So that's basically this dark part here which hides the background. And then here we have, uh, this button to close the modal window. And so that's all that we need.


[User] Please transcribe this text

[Assistant] So again, we need to select the modal, the overlay, the close modal button, and then of course the show modal buttons. Okay? So, let's do that.


[User] Please transcribe this text

[Assistant] And then just like before, we are looking for the element with the class of modal. Okay?


[User] Please transcribe this text

[Assistant] Just like we did in the first project, we select an element using this selector, but then this time we actually store the results of the selection, so the selected element, in this variable. Okay?


[User] Please transcribe this text

[Assistant] So that's the element with the class modal. Now we want overlay and then close modal.


[User] Please transcribe this text

[Assistant] So, overlay, and of course we could give these any names that we wanted, but.


[User] Please transcribe this text

[Assistant] These names make it easy to understand what they are. So I'm giving them the same names as the class names basically.


[User] Please transcribe this text

[Assistant] So that's the overlay. And now the close modal button.


[User] Please transcribe this text

[Assistant] Let's call this one actually a button. So btn, which stands for button, and then close modal.


[User] Please transcribe this text

[Assistant] Okay, and now finally we also want the ShowModelButtons. Now, there are actually three elements with this class name. So let me show you what happens when we simply select in the same way that we did before.


[User] Please transcribe this text

[Assistant] And then document.querySelector


[User] Please transcribe this text

[Assistant] Okay, and so watch what happens when we log this to the console.


[User] Please transcribe this text

[Assistant] So buttons, uh, open model, that's the one. And now to actually see this, we need to again start the live server. So new terminal, clear this console, and then all they have to do is to type live server.


[User] Please transcribe this text

[Assistant] And this one we can now close. And actually it has the exact same URL. So it's always this 127.001, which stands for localhost at port 8080. So if we reloaded this one, it would show us the same thing.


[User] Please transcribe this text

[Assistant] Okay, so we can just close one of them. And so it looks exactly the same as the demo, but of course nothing is going to happen yet. Cause as you know, we have no event handlers on any of these buttons yet. But now I wanted to take a look at the console.


[User] Please transcribe this text

[Assistant] Yeah. And now here we get null for some reason. So it means that it could not select anything here, uh, for this selector. And so let's take a look.


[User] Please transcribe this text

[Assistant] Uh, yeaah. Actually it is show modal and not open.


[User] Please transcribe this text

[Assistant] Okay, so let's fix that. So it's not open. It is show. And maybe you have spotted that if you took a more careful look at the HTML than I did.


[User] Please transcribe this text

[Assistant] Now anyway, now we see this button here selected. However, as you can see, it is only the first one. Okay?


[User] Please transcribe this text

[Assistant] And so now we see the limitation of our querySelector method here for the first time. So whenever we use querySelector with a selector, which actually matches multiple elements, only the first one will get selected. And so here we need another one.


[User] Please transcribe this text

[Assistant] But it's pretty similar. It's called QuerySelector.


[User] Please transcribe this text

[Assistant] So that's a pretty obvious name, but it's gonna do the job. So as I save now, now you see that we get something called a node list here.


[User] Please transcribe this text

[Assistant] So let me open that, and now as I hover, you see that these are actually all of our three buttons. Okay?


[User] Please transcribe this text

[Assistant] So this node list here is a little bit like an array. It's not exactly like an array, but here for now it works as though it was an array. Okay? And so now if we want to do something, for example to all of these buttons, then we can simply loop through this node list and do something with them. So let's actually quickly do that.


[User] Please transcribe this text

[Assistant] And now I hope there's no need to explain anymore how this one works. So I should stay below the length of this node list, which again, for all purposes here, works just like an array. Buttons, open modal,


[User] Please transcribe this text

[Assistant] And then we take the current one, and so this here is now an element. Okay, it's one of these elements.


[User] Please transcribe this text

[Assistant] And, well, now it already logged because it saved the file.


[User] Please transcribe this text

[Assistant] Yeah, anyway, each of these here is one element, and so now, on each of them, we can simply use the TextContent property just like we did in the last project. Alright? So let's save it again, and indeed, now we get the three text contents for all the three buttons.


[User] Please transcribe this text

[Assistant] And here you might have noticed that I didn't even use the curly braces to define a block. And that's because, just like in an if-else statement, if there's only one line of code that I want to execute, I actually don't have to create this block.


[User] Please transcribe this text

[Assistant] Okay, I can just write one line after the for loop, and then that's the one that will be iterated over and over again. Okay?


[User] Please transcribe this text

[Assistant] So again, this works just fine. And now I have a way of selecting multiple elements with the same class. And then with the for loop, I can do something for each of them. In this case, all we did was to log their text content to the console. But in the future, we will then be able to do real stuff using this technique.


[User] Please transcribe this text

[Assistant] Okay, and that's it for this video. In the next one, we will actually already make this model window work.


[User] Please transcribe this text

[Assistant] So don't wait and let's move on to the next video right away.


[User] Please transcribe this text

[Assistant] How in the hell did Sarah get that one right? I'm like, so impressed.


[User] Please transcribe this text

[Assistant] Scott just called and said that he's running late. His last meeting ran over, but he's on his way now.


[User] Please transcribe this text

[Assistant] I was tied up on the phone all afternoon and didn't get any work done.


[User] Please transcribe this text

[Assistant] Joe called and said she'd be here in a sec. She said she got tied up with a client.


[User] Please transcribe this text

[Assistant] Scott just called and said that he's running late. His last meeting ran over, but he's on his way now.


[User] Please transcribe this text

[Assistant] Scott just called and said that he's running late. His last meeting ran over, but he's on his way now.


[User] Please transcribe this text

[Assistant] They have to pretty much explode out of the pan in the oven. They've gotta rise, they've gotta be beautiful and golden. Worst case scenario is a soggy, sunken Yorkshire pudding.


[User] Please transcribe this text

[Assistant] How did you go? How about you? Oh, it's beautiful. Oh wow.


[User] Please transcribe this text

[Assistant] Actually seeing and meeting the people who've worked really hard to bring us that produce, I think just makes you want to work even harder to make sure you do them proud.


[User] Please transcribe this text

[Assistant] Guys, this argument is getting out of hand. Let's all calm down.


[User] Please transcribe this text

[Assistant] Don't worries, whenever I'm in a super sticky situation, I just talk to my calm in a voice.


[User] Please transcribe this text

[Assistant] I wish I had a calm and a voice. You can share my one. Calm and a voice, are you there? This is your calm and a voice. See, he's here. I didn't hear anything. How can I help you today, Lou? Well, uhm.


[User] Please transcribe this text

[Assistant] Oh I forgot, he's actually a voice inside my head. Come in a voice. Yes, I'm here.


[User] Please transcribe this text

[Assistant] Still nothing. Oh well, uh, Kiri and I are in a super sticky situation. You know it's Kiri, right? Yes, I know. That little lizard. Oh well. She's, she's really a dinosaur.


[User] Please transcribe this text

[Assistant] I'm pretty sure she's a lizard. Well, I'm sorry to disagree.


[User] Please transcribe this text

[Assistant] Yawning is pretty common for humans, and even for other animals, but we still don't know for sure why we yawn.


[User] Please transcribe this text

[Assistant] Or why I yawn when I see you yawn. Yawning often happens when we're feeling sleepy, bored, or otherwise just not very alert. But it's also contagious. You might yawn when you see another person yawn.


[User] Please transcribe this text

[Assistant] Or even when you think about yawning. You might even yawn during this video. It's still not entirely clear what yawning actually does.


[User] Please transcribe this text

[Assistant] But research suggests it might have a variety of important functions, and might even help keep us safe. You see, there was an old idea that stated yawning provided a boost of oxygen for our brains.


[User] Please transcribe this text

[Assistant] Like when you take a big inhale. Cool air rushes in to cool down the warm blood headed to the brain.


[User] Please transcribe this text

[Assistant] Just like the fans that keep your computer from overheating.


[User] Please transcribe this text

[Assistant] But why is yawning so contagious? Some scientists say it's linked to empathy and the emotional connection with people surrounding you. Research has found that contagious yawning activates similar parts of the brain to other social cues.


[User] Please transcribe this text

[Assistant] Meaning, yawning is an involuntary signal that gets passed through the group. A study published in January 2021 found that watching the involuntary signal of yawning might actually make your brain more alert. The study tested the group vigilance hypothesis, the idea that when one group member yawns, a possible sign of not being very alert,


[User] Please transcribe this text

[Assistant] It signals others to stay vigilant. So the hypothesis here is that yawning becomes contagious so the whole group knows to stay alert. To test this, researchers ran an experiment with frogs, snakes, and college students. See, previous research has found that humans are really good at spotting snakes.


[User] Please transcribe this text

[Assistant] But some that are, such as venomous species, can be deadly if you get too close. So scientists showed 38 participants a series of photos and asked them to either find one frog photo among snakes or one snake among frogs.


[User] Please transcribe this text

[Assistant] While also tracking their eyes to see how quickly each person spotted the target photo. Unsurprisingly, the participants in this study spotted snakes faster than frogs. But here's the really interesting part.


[User] Please transcribe this text

[Assistant] If scientists showed videos of people yawning before the test,


[User] Please transcribe this text

[Assistant] Participants were even quicker at spotting snakes, and they were even more distracted by snake photos while searching for frogs. It seems yawning might kick our brains into alert mode.


[User] Please transcribe this text

[Assistant] As contagious yawns spread through a group, they might also make everyone more ready to spot potential danger. So, yawning might be a good way to cool our brains and also signal alertness to others, which is why it might be so contagious. Thanks for watching this episode of SciShow!


[User] Please transcribe this text

[Assistant] If you'd like to help support the channel, check out patreon.com slash SciShow to learn more.


[User] Please transcribe this text

[Assistant] Oh, yes. Well, I don't like to move until I'm sure there's no one around. I don't wanna squash anyone.


[User] Please transcribe this text

[Assistant] Uh, an initial public offering is an offering of a


[User] Please transcribe this text

[Assistant] Shares in a company for the first time publicly. They could have privately placed shares, uh, a small company, uh, like I had a company, Case Shiller Weiss Incorporated, formed with my student here at Yale, Alan Weiss, and we were private.


[User] Please transcribe this text

[Assistant] We didn't issue shares very often and, uh, we were not listed. You won't find anything about us, uh, on stock exchanges. And then we sold the whole company, uh, that was in 2002.


[User] Please transcribe this text

[Assistant] Uh, so there were never any shares, public shares. Public shares are shares that are


[User] Please transcribe this text

[Assistant] It's very clear the SEC does not judge the investment potential of companies. They don't get into deciding is Facebook going to succeed or not. That's not their business. They only are deciding that it's not manipulative and distortion driven.


[User] Please transcribe this text

[Assistant] So an IPO is an initial public offering. It's been documented that the price in the aftermarket


[User] Please transcribe this text

[Assistant] And the next day it was $30 a share. So why didn't you ask $30 a share? We would have gotten $5 more. And I can tell you what the underwriter will say. The underwriter will say, we do this all the time. It's, he might not be so blunt about it. It's a trick.


[User] Please transcribe this text

[Assistant] It gets people positive about our company. If you don't like this, go to some other underwriter. But I'll tell you, the other underwriter won't be as successful. He'll only get $20 a share for you because he doesn't have the goodwill of the public.


[User] Please transcribe this text

[Assistant] So it's a sort of manipulation. Deliberate. They under-price the offer from what they know they could get. That way it sells out quickly, it looks great. Uh, in fact, it's also a problem with IPOs is that


[User] Please transcribe this text

[Assistant] You can't get into them as a purchaser. You try. You call up as a Yale undergraduate, a broker, and say, I'd like to, I have, you know, I have a little money, a few thousand dollars that my parents gave me. I'd like to invest in an IPO.


[User] Please transcribe this text

[Assistant] And your broker will say, come back in 10 years and we'll talk later. It won't do it. Why won't they? Well, because they underpriced them and they want to give that to their favorite customers.


[User] Please transcribe this text

[Assistant] This all sounds like a manipulation. Well, it is sort of, sort of, you know, in my book with Akerlof, Fishing for Fools, we describe the real world as filled with manipulation. Everyone's trying to trick you.


[User] Please transcribe this text

[Assistant] But we don't make it that evil. It's usually okay. And what IPO underwriters are doing is sort of okay. So you as an issuer of new shares are consoled by the fact that even though you didn't get that extra $5 for your shares,


[User] Please transcribe this text

[Assistant] You got $25, which is pretty good, and that's just the way the world works.


[User] Please transcribe this text

[Assistant] So they leave the money on, they, now the other thing is this manipulation is in some sense too successful because in the long run IPO prices tend to fall. Jay Ritter, who's a professor at University of Florida, wrote a famous article in 1991.


[User] Please transcribe this text

[Assistant] If you wait a while, wait a couple years and it's gone, so, uh, they tend to fall. This is a secret that the IPO person, broker, won't tell you about. That's why you can't get into an IPO.


[User] Please transcribe this text

[Assistant] So you are a hot shot young student and you call a broker and say, I'd like in on this IPO. The broker is thinking, you know, this guy's just going to flip it.


[User] Please transcribe this text

[Assistant] I don't want customers like this. You know you'll make 16% on the first day. But I'm not gonna sell to you. I'm gonna sell to some elderly couple who are not paying attention.


[User] Please transcribe this text

[Assistant] So you say, no to you, hot shot young guy. We're going to sell it to a stable, it's all kind of manipulated like that.


[User] Please transcribe this text

[Assistant] And then, you know, they'll notice that it went up the first day, and they'll call me and say, it's looking good, isn't it? Then they'll just completely forget about it. And then they'll lose the money, eventually.


[User] Please transcribe this text

[Assistant] But you know, it's not all that bad. We put them into a decent investment and eventually it'll go up.


[User] Please transcribe this text

[Assistant] But maybe not for three years, but hey, I know my clients. You have to hope these people have some ethics, and I think they do have some ethics. Uhm, it's just the real world, right? There's a lot of tricks played. So I called this in some paper about the impresario hypothesis. I make it in, what underwriters do is analogous to what


[User] Please transcribe this text

[Assistant] You want sold out conferences, uh, sold out audiences, uh, and you want newspaper stories saying people were standing in line all night to get into this such and such concert.


[User] Please transcribe this text

[Assistant] And then that impresses the public. And then you fill up concert halls because the news spreads and people think this is hot.


[User] Please transcribe this text

[Assistant] And then you make more money. You see, that would be short sighted. And Impresario knows better. Keep the price low. And you want these hungry looking young people coming to the concert and standing in line. You want that. And the only way you get that is if you under price it. Because they can't afford. If you charge the maximum you could charge to


[User] Please transcribe this text

[Assistant] You wouldn't fill up the auditorium. Profit maximizing in the short run. You wouldn't fill up the auditorium. And you'd get all these old people.


[User] Please transcribe this text

[Assistant] Or comfortable looking wealthy businessmen that would just destroy the whole atmosphere of the concert. So you've got to keep those, uh, young people, the excited people in. Uh, it's a, it's a, uh, empresarios are known for this, right? They do stunts, they do publicity stunts.


[User] Please transcribe this text

[Assistant] And they also don't charge the highest price. That's why we have the price pop in IPOs at the beginning.


[User] Please transcribe this text

[Assistant] I start taking my frozen butter moulds out of the chiller and I start joining the half spheres together and make it into a bowl. And then coat them in the flour, toasted coconuts and philatine.


[User] Please transcribe this text

[Assistant] Only it's, uh, it's relatively simpler to explain, which is why I'm going to spend less time on it. But using these ideas, you might be able to scale learning algorithms to even far larger problems than is possible using stochastic gradient descent.


[User] Please transcribe this text

[Assistant] And to keep the writing on this line tractable, I'm going to assume throughout that we have m equals 400 examples.


[User] Please transcribe this text

[Assistant] Of course, by our standards, in terms of large scale machine learning, you know, n might be pretty small, and so this might be more commonly applied to problems where you have maybe closer to 400 million examples or some such. But just to make the writing on this slide simpler, I'm going to pretend we have 400 examples.


[User] Please transcribe this text

[Assistant] So in that case, the fast gradient descent learning rule has this, you know, 1 over 400 and the sum from i equals 1 through 400, through my 400 examples here.


[User] Please transcribe this text

[Assistant] And if m is large, then this is a computationally expensive step.


[User] Please transcribe this text

[Assistant] And I should say, the MapReduce idea is due to, uh, two, uh, researchers.


[User] Please transcribe this text

[Assistant] Uhm, but here's the method use idea. So let's say I have some training set, you know, denoted by this box here of, uh, xy pairs, right? So, you know, x1, y1, uh, down to my 400 examples, xm, ym. So that's my training set with 400 training examples.


[User] Please transcribe this text

[Assistant] And what the first of my four machines is going to do, say, is use just the first one quarter of my training set. So we're going to use just the first 100 training examples. And in particular, what it's going to do is look at the summation.


[User] Please transcribe this text

[Assistant] So let me write that up and compute, I'm going to compute a variable temp 1 to superscript 1 denotes as the first machine j.


[User] Please transcribe this text

[Assistant] i, j, right? So that's just, uh, that gradient descent term up there.


[User] Please transcribe this text

[Assistant] And then similarly, I'm going to take the second quarter of my data and send it to my second machine. And my second machine will use training examples 101 through 200. And, you know, compute a similar variable, so the temp2j, which is the same sum, but indexed from examples 101 through 200. And similarly, machines3,


[User] Please transcribe this text

[Assistant] So now each machine has to sum over 100 instead of over 400 examples and so it has to do only a quarter of the work and thus presumably it could do it about four times as fast.


[User] Please transcribe this text

[Assistant] And put them back together. So we'll take these variables and send them all to a, you know, centralized master server.


[User] Please transcribe this text

[Assistant] And, uh, what the master server will do is combine these results together. And in particular, it will update, uh, my parameters theta j according to theta j gets updated as theta j minus theta j


[User] Please transcribe this text

[Assistant] Temp for j, and of course we have to do this separately for j equals zero, you know, up to n where n is the number of features.


[User] Please transcribe this text

[Assistant] So, sorry about breaking this equation into multiple lines, but I hope it's clear. So, what this is, what this equation is, what it's doing is exactly


[User] Please transcribe this text

[Assistant] The same as that, where you have a centralized master server that takes the results, the 10.1j, 10.2j, 10.3j, 10.4j, and adds them up. And so, of course, the sum of these four things, right, that's just the sum of this plus the sum of this.


[User] Please transcribe this text

[Assistant] Plus the sum of this, plus the sum of that, and those four things just add up to be equal to this sum that we were originally computing in bash gradient descent, and then we have the alpha times 1 of 400, alpha times 1 of 400, and thus this is exactly equivalent to the bash gradient descent algorithm.


[User] Please transcribe this text

[Assistant] We can instead divide up the workload on four machines.


[User] Please transcribe this text

[Assistant] So here's what the general picture of the map reduce technique looks like.


[User] Please transcribe this text

[Assistant] We have some training sets, and if we want to parallelize across four machines, we're going to take the training set and split it, you know, equally, or split it as evenly as we can into four subsets.


[User] Please transcribe this text

[Assistant] And now, because each of the four computers can do just a quarter of the work, uhm, potentially you can get up to a 4x speedup.


[User] Please transcribe this text

[Assistant] Of course, in practice, because of network latencies, the overhead of combining the results afterwards and other factors, in practice you get a slightly less than a 4x speedup. But nonetheless, this sort of map reduce approach does offer us a way to process much larger datasets than is possible using a single computer.


[User] Please transcribe this text

[Assistant] If you're thinking of applying Mac reviews to some learning algorithm in order to speed this up by parallelizing the computation over different computers, the key question to ask yourself is can your learning algorithm be expressed as a summation over the training set?


[User] Please transcribe this text

[Assistant] Then MapReduce might be a good candidate for scaling your learning algorithms to very, very big data sets. Let's just look at one more example.


[User] Please transcribe this text

[Assistant] Having computed all of these things, they could then send their results to a centralized server, which can then add up the, uh, local, add up the partial sums. This corresponds to adding up those, you know, temp i, or the, uh, temp, um, i, j,


[User] Please transcribe this text

[Assistant] And so the centralized server can sum these things up and get the overall, uhm, cost function and get the overall partial derivative term, which it can then pass to the advanced optimization algorithm. So more broadly by taking


[User] Please transcribe this text

[Assistant] You can use the map reduce technique to parallelize other learning algorithms as well and scale them to very large training sets.


[User] Please transcribe this text

[Assistant] And, uh, use MapReduce this way to divvy up the workload. Each of the calls can then carry out the sum over, say, one quarter of your training set, and then they can take the partial sums and, you know, combine them in order to get the summation over the entire training set.


[User] Please transcribe this text

[Assistant] Is that this way you don't have to worry about network latency because all the communication, all the sending of the temp J variables back and forth, all that happens within a single machine. And so network latency becomes much less of an issue compared to if you were using this to paralyze over different computers within the data center.


[User] Please transcribe this text

[Assistant] If you have a multi-core machine, and if you have certain numerical linear algebra libraries, it turns out that there's some numerical linear algebra libraries that can automatically parallelize


[User] Please transcribe this text

[Assistant] So if you are fortunate enough to be using one of those numerical linear algebra libraries, and certainly this does not apply to every single library,


[User] Please transcribe this text

[Assistant] But if you're using one of those libraries and if you have a very good vectorized implementation of the learning algorithm, sometimes you can just implement your standard learning algorithm in a vectorized fashion and not worry about parallelization. And your numerical linear algebra library could take care of some of it for you so that you don't need to implement rapid use.


[User] Please transcribe this text

[Assistant] Using this MapReduce formalism to parallelize across calls explicitly yourself might be a good idea as well and could let you speed up your learning.


[User] Please transcribe this text

[Assistant] In this video, we talked about the map reduce approach to parallelizing machine learning by taking your data and spreading them across maybe many computers in the data center. Although these ideas are applicable to parallelizing across multiple cores within a single computer as well.


[User] Please transcribe this text

[Assistant] Wow! Welcome to the spectacular salt flat. This is Murray River Salt, just outside of Mildura. I can see you looking around in almost disbelief. It is like another planet.


[User] Please transcribe this text

[Assistant] One thing we've gotta say right up front is keep the sunglasses on. It is so bright out here, the reflection can actually damage your eyes.


[User] Please transcribe this text

[Assistant] Each team is going to be creating a three course meal. Entree, main and dessert for 20 diners.


[User] Please transcribe this text

[Assistant] You've got two hours to prep and you can continue cooking throughout service. Most importantly, every course has to be inspired by air and desserts must have a salty element.


[User] Please transcribe this text

[Assistant] You know, so you've picked trout for example, it's got, you know, it's a pain in the bum to clean, so you're gonna get locked down on that trout for a long time, right? So think about that.


[User] Please transcribe this text

[Assistant] What a remarkable day. Cooking on the Murray River salt pans. And giving 40 lucky people, us and Heston, a once in a lifetime experience.


[User] Please transcribe this text

[Assistant] So I talked about the JavaScript engine in the last lecture. But what is that engine actually? And what is a JavaScript runtime? Also, how is JavaScript code translated to machine code?


[User] Please transcribe this text

[Assistant] So that's just some of the topics that we talked about in the last video. And so now let's find out how they work in this lecture.


[User] Please transcribe this text

[Assistant] So a JavaScript engine is simply a computer program that executes JavaScript code. There are a lot of steps involved in doing that, but essentially, executing JavaScript code is what an engine does.


[User] Please transcribe this text

[Assistant] Now, every browser has its own JavaScript engine, but probably the most well-known engine is Google's V8.


[User] Please transcribe this text

[Assistant] The V8 engine powers Google Chrome, but also Node.js, which is that JavaScript runtime that we talked about in the beginning of the course. So the one that we can use to build server-side applications with JavaScript. So outside of any browser.


[User] Please transcribe this text

[Assistant] And of course, all the other browsers have their own JavaScript engines, which you can look up online if you're interested.


[User] Please transcribe this text

[Assistant] Anyway, it's quite easy to understand what an engine is. But what's most important is to actually understand its components and how it works. So any JavaScript engine always contains a call stack and a heap.


[User] Please transcribe this text

[Assistant] The call stack is where our code is actually executed using something called execution contexts. Then the heap is an unstructured memory pool which stores all the objects that our application needs.


[User] Please transcribe this text

[Assistant] Alright, so with this look at the engine, we have answered where our code is executed. But now the question is, how the code is compiled to machine code, so that it actually can be executed afterwards. Well, let's find out.


[User] Please transcribe this text

[Assistant] But first, we need to make a quick computer science side note here and talk about the difference between compilation and interpretation.


[User] Please transcribe this text

[Assistant] So in the last lecture we learned that the computer's processor only understands zeros and ones. And that therefore every single computer program ultimately needs to be converted into this machine code. And this can happen using compilation or interpretation.


[User] Please transcribe this text

[Assistant] So in compilation, the entire source code is converted into machine code at once. And this machine code is then written into a portable file that can be executed on any computer. So we have two different steps here.


[User] Please transcribe this text

[Assistant] First, the machine code is built and then it is executed in the CPU.


[User] Please transcribe this text

[Assistant] So in the processor. And the execution can happen way after the compilation, of course. For example, any application that you're using on your computer right now has been compiled before. And you are now executing it way after its compilation.


[User] Please transcribe this text

[Assistant] Now, on the other hand, in interpretation, there is an interpreter which runs through the source code and executes it line by line.


[User] Please transcribe this text

[Assistant] So here we do not have the same two steps as before. Instead, the code is read and executed all at the same time. Of course, the source code still needs to be converted into machine code, but it simply happens right before it's executed and not ahead of time.


[User] Please transcribe this text

[Assistant] Now, JavaScript used to be a purely interpreted language. But the problem with interpreted languages is that they are much, much slower than compiled languages.


[User] Please transcribe this text

[Assistant] This used to be okay for JavaScript, but now with modern JavaScript and fully fledged web applications that we build and use today, low performance is no longer acceptable.


[User] Please transcribe this text

[Assistant] Just imagine you were using Google Maps in your browser, and you were dragging the map, and each time you dragged, it would take one second for it to move. That would be completely unacceptable, right?


[User] Please transcribe this text

[Assistant] Now, many people still think that JavaScript is an interpreted language, but that's not really true anymore. So instead of simple interpretation, modern JavaScript engine now use a mix between compilation and interpretation, which is called just-in-time compilation.


[User] Please transcribe this text

[Assistant] This approach basically compiles the entire code into machine code at once, and then executes it right away. So we still have the two steps of regular, ahead-of-time compilation, but there is no portable file to execute. And the execution happens immediately after compilation.


[User] Please transcribe this text

[Assistant] And this is perfect for JavaScript, as it's really a lot faster than just executing code line by line.


[User] Please transcribe this text

[Assistant] Now, I skimmed over some details here, but this is really all you need to know. Anyway, let's now understand how this works in the particular case of JavaScript.


[User] Please transcribe this text

[Assistant] So, as a piece of JavaScript code enters the engine, the first step is to parse the code, which essentially means to read the code.


[User] Please transcribe this text

[Assistant] During the parsing process, the code is parsed into a data structure called the abstract syntax tree, or AST. This works by first splitting up each line of code into pieces that are meaningful to the language,


[User] Please transcribe this text

[Assistant] Like the const or function keywords and then saving all these pieces into the tree in a structured way.


[User] Please transcribe this text

[Assistant] This step also checks if there are any syntax errors. And the resulting tree will later be used to generate the machine code.


[User] Please transcribe this text

[Assistant] Now let's say we have a very simple program. All it does is to declare a variable like this. And this is what the AST for just this one line of code looks like.


[User] Please transcribe this text

[Assistant] So we have a variable declaration, which should be a constant, with the name x and the value of 23.


[User] Please transcribe this text

[Assistant] And besides that, there is a lot of other stuff here, as you can see. So just imagine what it would look like for a large, real application. And of course, you don't need to know what an AST looks like. This is just for curiosity. Okay?


[User] Please transcribe this text

[Assistant] Now, sometimes I get asked if this tree has anything to do with the dom tree. And the answer is a very clear no.


[User] Please transcribe this text

[Assistant] So, this tree has absolutely nothing to do with the DOM. It is not related in any way. It's just a representation of our entire code inside the engine.


[User] Please transcribe this text

[Assistant] Anyway, the next step is compilation, which takes the generated AST and compiles it into machine code, just as we learned in the previous slide.


[User] Please transcribe this text

[Assistant] This machine code then gets executed right away. Because, remember, modern JavaScript engine use just-in-time compilation.


[User] Please transcribe this text

[Assistant] And remember, execution happens in the JavaScript engine's call stack. But we will dig deeper into this in the next lecture. Alright, so far, so good.


[User] Please transcribe this text

[Assistant] We have our code running, so we can finish here, right?


[User] Please transcribe this text

[Assistant] Well, not so fast, because modern JavaScript engines actually have some pretty clever optimization strategies. What they do is to create a very unoptimized version of machine code in the beginning, just so that it can start executing as fast as possible.


[User] Please transcribe this text

[Assistant] Then in the background, this code is being optimized and recompiled during the already running program execution.


[User] Please transcribe this text

[Assistant] And this can be done multiple times, and after each optimization, the unoptimized code is simply swapped for the new, more optimized code without ever stopping execution of course. And this process is what makes modern engines such as V8 so fast.


[User] Please transcribe this text

[Assistant] And all this parsing, compilation and optimization happens in some special threads inside the engine that we cannot access from our code. So completely separate from the main thread that is basically running in the call stack, executing our own code.


[User] Please transcribe this text

[Assistant] Now, different engines implement this in slightly different ways, but in a nutshell, this is what modern, just-in-time compilation looks like for JavaScript.


[User] Please transcribe this text

[Assistant] And the next time someone tells you JavaScript is an interpreted language, you just show them this slide so that they can learn how it really works.


[User] Please transcribe this text

[Assistant] Alright, so we looked at the JavaScript engine and how it works behind the scenes in quite some detail.


[User] Please transcribe this text

[Assistant] Now, to round off this lecture, let's also take a look at what a JavaScript runtime is, and in particular, the most common one, which is the browser. And by doing this, we can get the bigger picture of how all the pieces fit together when we use JavaScript. And so this is a really important slide.


[User] Please transcribe this text

[Assistant] We can imagine a JavaScript runtime as a big box or a big container, which includes all the things that we need in order to use JavaScript, in this case in the browser. And the heart of any JavaScript runtime is always a JavaScript engine. So exactly the one we've been talking about.


[User] Please transcribe this text

[Assistant] That's why it makes sense to talk about engines and runtimes together.


[User] Please transcribe this text

[Assistant] Without an engine, there is no runtime and there is no JavaScript at all.


[User] Please transcribe this text

[Assistant] However, the engine alone is not enough. In order to work properly, we also need access to the web APIs. And we talked about web APIs before, remember? So that's everything related to the DOM, or timers, or even the console.log that we use all the time.


[User] Please transcribe this text

[Assistant] So essentially, web APIs are functionalities provided to the engine, but which are actually not part of the JavaScript language itself.


[User] Please transcribe this text

[Assistant] JavaScript simply gets access to these APIs through the global window object. But it still makes sense that the web APIs are also part of the runtime. Because, again, a runtime is just like a box that contains all the JavaScript-related stuff that we need.


[User] Please transcribe this text

[Assistant] Next, a typical JavaScript runtime also includes a so-called callback queue.


[User] Please transcribe this text

[Assistant] This is a data structure that contains all the callback functions that are ready to be executed.


[User] Please transcribe this text

[Assistant] For example, we attach event handler functions to DOM elements, like a button, to react to certain events. Right? And these event handler functions are also called callback functions. Okay?


[User] Please transcribe this text

[Assistant] So as the event happens, for example a click, the callback function will be called. And here is how that actually works behind the scenes. So the first thing that actually happens after the event is that the callback function is put into the callback queue.


[User] Please transcribe this text

[Assistant] Then, when the call stack is empty, the callback function is passed to the stack so that it can be executed.


[User] Please transcribe this text

[Assistant] And this happens by something called the event loop. So basically the event loop takes callback functions from the callback queue and puts them in the call stack so that they can be executed.


[User] Please transcribe this text

[Assistant] And remember how I said in a last lecture that the event loop is how JavaScript's non-blocking concurrency model is implemented?


[User] Please transcribe this text

[Assistant] Well, here is an overview of how that works.


[User] Please transcribe this text

[Assistant] Now, we will go over why this makes JavaScript non-blocking in a special lecture about the event loop later in the course. Because this is really a fundamental piece of JavaScript development that every developer needs to understand deeply.


[User] Please transcribe this text

[Assistant] Alright, so as I already said, the focus in this course is on JavaScript in the browser. And that's why we analyzed the browser JavaScript runtime.


[User] Please transcribe this text

[Assistant] However, it's also important to remember that JavaScript can exist outside of browsers, for example in Node.js. And so here is what the Node.js JavaScript runtime looks like.


[User] Please transcribe this text

[Assistant] It's pretty similar, but since we don't have a browser, of course we can't have the web APIs, because it's the browser who provides these. Instead, we have multiple C++ bindings and a so-called thread pool.


[User] Please transcribe this text

[Assistant] Now details don't matter here at all. I just want you to know that different JavaScript runtimes do exist.


[User] Please transcribe this text

[Assistant] All right, cool. That's all I had to tell you about JavaScript engines and runtimes. In the next lecture, we will learn how JavaScript is executed in the call stack.


[User] Please transcribe this text

[Assistant] No plant is out of bounds. That's Christopher's great lesson and great motto. It doesn't matter whether it's a Dahlia or whether it's a parsnip.


[User] Please transcribe this text

[Assistant] Everything has relevance if, aesthetically, it creates that dance in the border that you strive for.


[User] Please transcribe this text

[Assistant] Is totally reliant on the structure that Lutyens originally imposed. The house sits within the six acre site.


[User] Please transcribe this text

[Assistant] And then off the house come a series of compartments, a series of enclosures, each with its own little narrative suggestion. Stone paved area, flower borders, long borders.


[User] Please transcribe this text

[Assistant] So he's allowing the spatial arrangement of the property to then move outside into the landscape. So, to the rear of the property. Lutyens has it as a series of straight-line paths.


[User] Please transcribe this text

[Assistant] Linking, visually linking one section of the garden with the next. The borders with Delosia, which was the old rose garden.


[User] Please transcribe this text

[Assistant] Plants just tumbling over one another and it's, in many cases it's not even clear if the path is, is for a gardener or a visitor. It's almost as if it's just a, a little river, a stream which has carved a passage through.


[User] Please transcribe this text

[Assistant] In a garden with this sort of intensity and density of planting, the intensity has to be balanced by space, by openness.


[User] Please transcribe this text

[Assistant] By the meadows and the distant views of the landscape, you need that contrast.


[User] Please transcribe this text

[Assistant] There's a wonderful informality of that landscape sweeping into the garden without any obstacle. No fence, no haha, no barrier.


[User] Please transcribe this text

[Assistant] In a Jekyll border, it would be unusual to find something as majestic as the purple fennel here.


[User] Please transcribe this text

[Assistant] Right on the edge of the border. We anticipate it being further back. There was a polite choreography to her designs which allowed sufficient space for the large specimens at the back and then gentle tearing and weaving until we have something like the salvia tickling our ankles as we walk along the pathway here.


[User] Please transcribe this text

[Assistant] But what Christopher Lloyd was able to do was to, to bring these plants to the fore. So we start to peer behind them or around them. As we look through, well, we get just glimpses of the roses and the cannes and the teasels beyond.


[User] Please transcribe this text

[Assistant] And yet what Christopher Lloyd did is to then take that principle of looking at detail.


[User] Please transcribe this text

[Assistant] And exploded up into not just a more grand scale, but be much more ambitious, less concerned about shocking the viewer.


[User] Please transcribe this text

[Assistant] To a Helianthus. Three plants of different flower colours, different structures.


[User] Please transcribe this text

[Assistant] But, there's enough harmony between the three to create that wonderful bounce. And it's about getting the eye to move. If we can allow the eye to move through a garden, then the feet of the viewer will follow.


[User] Please transcribe this text

[Assistant] And then Nathaniel's version, which came a little later. He modified the paths. He made them much more intimate and intricate. He changed the topography, imposed the pond.


[User] Please transcribe this text

[Assistant] And as soon as Christopher gets involved, well that's when the explosion really starts to happen. The plants loom overhead, they bounce out of the ground, they're hugely excitable, the colour combinations are wild and enthusiastic.


[User] Please transcribe this text

[Assistant] Do you feel now that you're gardening in the style of Christopher or do you, do you feel as though you are your own gardener?


[User] Please transcribe this text

[Assistant] It is the catalyst for the most important change in British landscape design.


[User] Please transcribe this text

[Assistant] Hello English learners. Welcome back to EnglishPod. My name is Marco. And I'm Erica. And today we have a fun and scary dialogue.


[User] Please transcribe this text

[Assistant] Alright, so we're gonna be looking at a scary lesson today, and we have nothing to preview, so let's listen to this dialogue and see why everyone is so scared.


[User] Please transcribe this text

[Assistant] Very similar to another TV show, but, uh, it's different.


[User] Please transcribe this text

[Assistant] So let's start with the very first line of our dialogue. Shabby described the mansion to be ultra spooky.


[User] Please transcribe this text

[Assistant] It's a little bit scary. It maybe makes you feel a little bit uncomfortable or maybe it makes you feel a little bit scared.


[User] Please transcribe this text

[Assistant] So, ultra is another way of saying super or very or really spooky.


[User] Please transcribe this text

[Assistant] Okay, there is a ghost haunting his house.


[User] Please transcribe this text

[Assistant] Okay, to hunt. So the ghost is coming to the house frequently and not letting them live in peace.


[User] Please transcribe this text

[Assistant] Exactly. Now, they were all afraid and they didn't wanna go in, and so Wilma called everyone cowards.


[User] Please transcribe this text

[Assistant] A person who's scared of everything. Exactly, so they were being cowards, they were afraid, so that's why they didn't want to go in.


[User] Please transcribe this text

[Assistant] Alright, to get goosebumps. Now, goosebumps, it may sound a little bit strange, but it's very easy when you're scared or maybe you're cold, the skin on your arms or on your back gets a little bit bumpy.


[User] Please transcribe this text

[Assistant] Exactly, chicken skin. And that's actually how we call it in Spanish, chicken skin. But, this is goose bumps, so I guess it's kind of similar. A goose?


[User] Please transcribe this text

[Assistant] Yeaah, as adults you wouldn't say he's a scaredy cat.


[User] Please transcribe this text

[Assistant] Okay, so now that we understand all the vocabulary we saw in language takeaway, why don't we take a look at two phrases now in Fluency Builder.


[User] Please transcribe this text

[Assistant] Alright, great examples and now we know how we can combine looking with different adjectives.


[User] Please transcribe this text

[Assistant] Okay, so an interesting dialogue about ghosts and haunted houses. So, what do you think, Erica? Do you believe in ghosts? Have you ever seen a ghost?


[User] Please transcribe this text

[Assistant] Well, once I was having dinner with my parents and we had a table and on top of the table there was a glass full of water. And all of a sudden it started to move across the table and then it started to spin while it moved.


[User] Please transcribe this text

[Assistant] Nothing, we were just, the only thing on the whole table that was moving was that and we all just kind of stared at the glass moving and we didn't know what to do. And then my mom started kind of giggling, a nervous laugh and we really didn't know what happened.


[User] Please transcribe this text

[Assistant] Or, we have a lot of urban legends about, you know, like a leprechaun that lives under a bridge. Or, you know, somebody's grandma that comes and haunts them or visits them at night and stuff like that. So, yeaah, Latin American people are very, uh, superstitious in this sense.


[User] Please transcribe this text

[Assistant] Right, I think the difference would be that you have a different type of superstition, like, people are afraid of, uh, black cats.


[User] Please transcribe this text

[Assistant] Exactly. So, because they consider it to be bad luck, but not because something like a ghost or an alien is gonna come out and eat them.


[User] Please transcribe this text

[Assistant] Come to our website EnglishPod.com and let us know and we'll see you guys there.


[User] Please transcribe this text

[Assistant] From this point on I can't imagine my life doing anything else other than something food related because food is my happy place.


[User] Please transcribe this text

[Assistant] You can't rationalize your son's behavior by saying he's going through a hard time. Example 2


[User] Please transcribe this text

[Assistant] You know it was the wrong thing to do. Stop trying to rationalize it.


[User] Please transcribe this text

[Assistant] I think Bill's very capable of being successful, but he uses his disability as a crutch.


[User] Please transcribe this text

[Assistant] Let's now learn how to handle key pressed events.


[User] Please transcribe this text

[Assistant] So right now, we can already close the modal by clicking the close button and by clicking outside of the modal. But usually, there is also a third way. And that's by hitting the escape key on the keyboard. Right?


[User] Please transcribe this text

[Assistant] And so this is actually a great use case to learn how to respond to keyboard events.


[User] Please transcribe this text

[Assistant] So, in order to listen for keyboard events, we still need to use AddEventListener, because the KeyPress event is simply just another type of event. Now, keyboard events are so-called global events, because they do not happen on one specific element.


[User] Please transcribe this text

[Assistant] Let's close this terminal here. And now let's write document. So that's the same document that we use for query selector. And so basically it's a big object which contains a bunch of methods for all kinds of stuff. And that includes the add event listener method.


[User] Please transcribe this text

[Assistant] So by using add event listener here on the document, we are basically listening for events everywhere. So no matter where they happen on the page, they will always trigger the event handler that we're going to specify here. Alright?


[User] Please transcribe this text

[Assistant] Now here about the name of the event itself, there are actually three types of events for the keyboard. There is the key down, the key press, or the key up.


[User] Please transcribe this text

[Assistant] Key up, which is, so it's this one. This one only happens when we lift our finger off the keyboard, basically, or off the key. Key press is fired continuously as we keep our finger on a certain key.


[User] Please transcribe this text

[Assistant] And key down is fired as soon as we just press down the key. And so usually that is the one that we use. Okay. So the name of this event is just key down and this event will happen as soon as we hit any key on the keyboard. Okay.


[User] Please transcribe this text

[Assistant] And then, just like before, we specify a function here. And this time, let's specify it here directly, so without creating a separate function.


[User] Please transcribe this text

[Assistant] And then the usual way, just like we have been doing. Now as I just mentioned here,


[User] Please transcribe this text

[Assistant] So this function here will actually be executed for any key press that happens. So let me prove that to you. And actually it will be hard to prove because you cannot see what key I'm pressing. But anyway, a key was pressed.


[User] Please transcribe this text

[Assistant] And so now as I go to the console and just press any key, you see a key was pressed. And it doesn't matter which one. So Q, 3, P, Enter, Ask. Any key just renders here this same message.


[User] Please transcribe this text

[Assistant] However, we only want to close the popup when the Escape key was pressed. Okay? So that key in the top left corner, which says Ask, right?


[User] Please transcribe this text

[Assistant] So, how will we know which key was actually pressed if this event here happens for all the keys? Well, the information about which key was pressed will be stored in the event that is gonna occur as soon as any key is pressed.


[User] Please transcribe this text

[Assistant] So remember, as I hit any key here on the keyboard, a key down event is generated, and our listener function here, so our handler function, is waiting for that event to happen.


[User] Please transcribe this text

[Assistant] And anytime that an event like this occurs, JavaScript does in fact generate an object. And that object contains all the information about the event itself. And we can then actually access that object in the event handler function.


[User] Please transcribe this text

[Assistant] Alright, so again, when an event happened, we can have access to information about that event in the event handler function, just like this one.


[User] Please transcribe this text

[Assistant] Now up until this point, we have never looked at that event. We only just listened for it and then reacted to it, right? But this time, we actually need to look at the event object in order to figure out which key was pressed. And how can we do that?


[User] Please transcribe this text

[Assistant] Well, what we need to do is to give this function here a parameter. And let's call it e, which stands for event. So we could also call it event.


[User] Please transcribe this text

[Assistant] Or we could call it X or Q, I, so it doesn't matter, but I like to call it E, which stands again for event. Okay.


[User] Please transcribe this text

[Assistant] So then, as the event occurs, JavaScript will call this function with the event object as an argument. And once more, this works because we do not call this function here ourselves.


[User] Please transcribe this text

[Assistant] Right? We do not call the function, we only define it here.


[User] Please transcribe this text

[Assistant] So we say, hey JavaScript, call this function when a keydown event happens. And when you do so, please pass in the event object as an argument.


[User] Please transcribe this text

[Assistant] Okay, and we will learn about the mechanics of this a bit better later, but it's probably still a good idea to already take notes of this stuff that I'm explaining.


[User] Please transcribe this text

[Assistant] Anyway, now that you know why this function has access to an event, so to this E here, let's now actually take a look at it.


[User] Please transcribe this text

[Assistant] Simply logging it to the console for now. And we can actually get rid of this one here.


[User] Please transcribe this text

[Assistant] And now I will hit the enter key.


[User] Please transcribe this text

[Assistant] And, so you see, now we get this event. And it's called, uh, a keyboard event. It is just an object that is generated by JavaScript. So you see that here in the console, it actually looks like the objects that we generated ourselves previously.


[User] Please transcribe this text

[Assistant] So with a key here and then a value. So a property and a value. And what matters here is basically the key.


[User] Please transcribe this text

[Assistant] Which, as I said, was Enter. So I hit the Enter key, and then this event was generated with the key property SetToEnter.


[User] Please transcribe this text

[Assistant] So, that's great information, because now when I hit the escape key, then you see that the key was now escape. Or I can of course hit any key. So this was the space key. So you see here, we have a space. Uh, or the Q, or Z.


[User] Please transcribe this text

[Assistant] Or Ctrl or Shift. And so whatever key you press, we now get this information about the event itself. And in this case, since it was a keyboard event, we get information about which key was pressed.


[User] Please transcribe this text

[Assistant] So as you see, the information about the key, uh, I was always getting it from this key property. So let's just log e.key, because remember we used dot.


[User] Please transcribe this text

[Assistant] And then the property name to read any property from an object.


[User] Please transcribe this text

[Assistant] Great. And now that I know which key was actually pressed, I can use that information to actually close the modal whenever the escape key is pressed. So, we can simply do if


[User] Please transcribe this text

[Assistant] And then again, let's just log to the console to see if it works. Ask was pressed. And so now I can hit any key and nothing happens.


[User] Please transcribe this text

[Assistant] Oh, actually, some stuff happens because we're still logging here the E.key, but the string that I just wrote here does not appear unless I hit the, uh, the Eskcape key. So now you see Esk was pressed.


[User] Please transcribe this text

[Assistant] So, that's of course not what we want, but instead we want to close the modal.


[User] Please transcribe this text

[Assistant] However, I only want to close the model when the model is actually visible, right? And how do we know if the model is currently visible?


[User] Please transcribe this text

[Assistant] Well, if the modal contains the class hidden, it means that it's not visible. And so basically, when it does not contain the class hidden, it means that it's visible, and then that's the condition in which we want to close it. Alright?


[User] Please transcribe this text

[Assistant] And so we talked in the last lecture about adding and removing classes. But as I mentioned back then, we can also check if an element already has a certain class. And so now that becomes really handy because now I can do this.


[User] Please transcribe this text

[Assistant] So if the escape key is pressed, then we can now check if the modal contains the hidden class. So, another if.


[User] Please transcribe this text

[Assistant] And then again, the class name. So that's hidden in this case.


[User] Please transcribe this text

[Assistant] If the modal.className contains the hidden class, it means that the modal is currently hidden.


[User] Please transcribe this text

[Assistant] And so in this condition, we actually don't want to do anything. We only want to close the model if it does not contain the hidden class. Right? And so here we can once more invert that boolean value.


[User] Please transcribe this text

[Assistant] Alright, so this not here is very important as you probably start to see. So let's read this again. If the modal does not contain the hidden class, then close the modal.


[User] Please transcribe this text

[Assistant] And so, how do we close the model? Well, we can simply call this closeModel function.


[User] Please transcribe this text

[Assistant] Right? So let's do that. Close. Model. And here we do actually need to call this function.


[User] Please transcribe this text

[Assistant] Okay, because when this function here is executing,


[User] Please transcribe this text

[Assistant] So this one here, as it then reaches this line, of course, something needs to happen. And what needs to happen is basically this code. So we could just copy this code down here, but that's of course not what we want. Instead, we can simply use this function here again.


[User] Please transcribe this text

[Assistant] And using means here to call it. So to execute the code that is in here. So this.


[User] Please transcribe this text

[Assistant] So, let's test this now, and then we can improve the code even a little bit.


[User] Please transcribe this text

[Assistant] So we open it. Now I'm gonna press just any key. Let's say enter. So you see enter. And now, as I hit the escape key, watch what happens.


[User] Please transcribe this text

[Assistant] Yes, indeed. The modal is gone. Great. Uh, let's see where this, uh, button clicked here comes from in line 9. Now that's of course because of this console.log. And let's get rid of this.


[User] Please transcribe this text

[Assistant] Okay, let's try it again. Open it on this button. I hit any other key. Nothing happens. I hit escape. And it's gone. Great.


[User] Please transcribe this text

[Assistant] Now let's read this code here a little bit. So basically this means if the pressed key is escape and if the modal does not contain the hidden class, then


[User] Please transcribe this text

[Assistant] Uh, execute this function to close the model. Now, notice how I just said, if this and then if this.


[User] Please transcribe this text

[Assistant] And so what I mean is that we can actually aggregate these two if statements together.


[User] Please transcribe this text

[Assistant] And so this is the same as having just


[User] Please transcribe this text

[Assistant] And I'm cutting it here. So it's the same as having just this.


[User] Please transcribe this text

[Assistant] Now we can get rid of this stuff here. And that's it. And so now it reads the exact same way as before. If the pressed key is escape, and if the model does not contain the class of hidden, then close the model. So give it another try, just to make sure


[User] Please transcribe this text

[Assistant] And yes, that works perfect. Beautiful. And with this, our modal is actually feature complete. It works exactly as our demo here.


[User] Please transcribe this text

[Assistant] And so with this, we finished this very small second project. So once again, I hoped you liked this one and I hope you can start to see the power of DOM manipulation so that in the future you will be able to build anything you can imagine just with JavaScript.


[User] Please transcribe this text

[Assistant] Now that is of course still a long way to go, but that's also why we have the next project, which is gonna be a really nice project to basically train and reinforce most of the things that we already did in this project and the previous one.


[User] Please transcribe this text

[Assistant] So the next project is going to be more like a practice project, but I still believe it's very important to do that project in case you have the time. And believe me, it's by far the most exciting thing we have done yet in this course. So I hope to see you there soon after you take a well-deserved break.


[User] Please transcribe this text

[Assistant] As an alternative to trusting an investment banker, you can trust a rating agency. Uh, and so what is a rating agency? It's an agency that publishes its information instead of keeping it secret for their favored clients. So the first beginnings of a rating agency


[User] Please transcribe this text

[Assistant] We're by a book written by Henry Varnum Poor, published in 1860.


[User] Please transcribe this text

[Assistant] It was called History of Railways and Canals in the United States. But it was more than a history. It wasn't a history book for history buffs. It was focused on companies and what their situation was. So it was the beginning. That letter later led to Standard and Poor's Corporation.


[User] Please transcribe this text

[Assistant] Uh, but John L. Moody founded the first true rating agency called Moody's Investor Services in 1909. And he decided to give letter grades.


[User] Please transcribe this text

[Assistant] Now, already colleges were doing this grading system, ABCD grading system. So he thought people would understand that. He's going to grade


[User] Please transcribe this text

[Assistant] But he said, you know, I had other impulses as well. And one of my impulses was to tell the truth and tell everybody. I don't feel like someone who should keep secrets. I wanted to publish it and get it out there. And those bastards who are playing tricks, they'll be exposed everywhere. So he sold books, Moody's Investor Manuals.


[User] Please transcribe this text

[Assistant] Uh, we're describing every major company and what he thought of them. Uh, he loved to do it because he likes to criticize, I guess, or likes to, uh, likes to do that thing.


[User] Please transcribe this text

[Assistant] Uh, and it was a huge success and it remains so today.


[User] Please transcribe this text

[Assistant] Uh, originally they would not accept money from the people they rated. Uh, that broke down, Moody said that as a principal, you read it. Well, it's just like, could I as a professor accept cash from you for, you know, that you would hand me money? Uh, and then that might be a bribe to raise your grade. Of course that's obviously unethical.


[User] Please transcribe this text

[Assistant] But rating agencies, it should be the same for rating agencies, right?


[User] Please transcribe this text

[Assistant] But that broke down in the 1970s when rating agencies found it difficult to keep up with all of the complicated securities that were being issued.


[User] Please transcribe this text

[Assistant] And they started charging for com- it, it got really crazy with the mortgage securities that took so many different forms and they're so complicated. So many agencies said they had to charge for it.


[User] Please transcribe this text

[Assistant] And then it turned out to be a great business. Rating agencies, which were never big profit centers, started getting involved in all the complicated new derivatives finance.


[User] Please transcribe this text

[Assistant] We're making a lot of money, so it was hard to...


[User] Please transcribe this text

[Assistant] Uh, of you who came with me to see The Big Short will remember the scene, uh, when, uh, Steve Carroll, the actor, goes into a rating agency and talks to a woman and then asks her, uh, who's a manager of a department there and asks her,


[User] Please transcribe this text

[Assistant] What do you know about the underlying mortgages behind the security? And she admits nothing. And then he said, well, why do you give it a rating? And then she said, well, if we don't, our competitors will, so.


[User] Please transcribe this text

[Assistant] That was an outrageous thing to say. You saw it in the movie. Whether it actually happened, I don't know. I wasn't there at that meeting. But I heard things like that in the early 2000s. That the rating agencies were getting casual.


[User] Please transcribe this text

[Assistant] So uh, so the rating agencies have improved their act substantially because of new regulations and their loss of reputation. So, uh, there's now more care in, uh,


[User] Please transcribe this text

[Assistant] They still accept money because their business kind of, uh, they still accept money for ratings, uh, because their business kind of requires that now.


[User] Please transcribe this text

[Assistant] This is a really significant turning point. It is the catalyst for the most important change in British landscape design.


[User] Please transcribe this text

[Assistant] Stowe is the starting point of what we know today as the English landscape school.


[User] Please transcribe this text

[Assistant] Indicates this sort of massive imposition striking through the landscape. I mean, you could be looking at Versailles here. You know, it is a highly classically inspired, great straight line axis showing dominance and control. And that's typical of the classical period. When we look at Bridgman's drawings here,


[User] Please transcribe this text

[Assistant] It looks like a hilltop fort. It's a very prominent shape and clearly a defence. The landscape isn't sweeping in. Nature isn't allowed to sweep in. It's still kept at bay.


[User] Please transcribe this text

[Assistant] There's very careful use of hedges and planting and parterres. And the garden exists within this rather secure space.


[User] Please transcribe this text

[Assistant] We go down a double line of trees with a paved access path and then an octagonal lake at the base. So it's very composed, very geometric and very orchestrated.


[User] Please transcribe this text

[Assistant] The most exciting single ingredient in this drawing is this water course in here and the way that it joins the octagon at that point and this water course sweeping in from this side.


[User] Please transcribe this text

[Assistant] It's this that started to get the chattering classes really excited. We start to see nature coming in.


[User] Please transcribe this text

[Assistant] This is the hybrid, really, between high formality, classically inspired landscape, and the informality of the naturalistic approach.


[User] Please transcribe this text

[Assistant] You know, it's hard to overstate the importance of this particular view.


[User] Please transcribe this text

[Assistant] It's to the untrained eye and by today's measure, it is simply a sinuous water course drifting off into a naturalistic landscape.


[User] Please transcribe this text

[Assistant] But this is a really significant turning point. It is the catalyst for the most important change in British landscape design. It's about reintroducing nature into the garden. Suddenly, through a formal landscape, meanders a soft water course. Nature flows in and embraces the water.


[User] Please transcribe this text

[Assistant] And what we have is a relaxation of our obsession with control of nature. It becomes a feature which every gentleman of the period had to have, the serpentine. This is the starting point of what we know today as the English landscape school.


[User] Please transcribe this text

[Assistant] Just look at that curve. It's that sinuous nature. And it sweeps round and then flows out.


[User] Please transcribe this text

[Assistant] It all starts here. For me, the origin of the revolution starts at the point that that water emerges.


[User] Please transcribe this text

[Assistant] This construction here, known as a ha-ha, is a buried boundary or fence, something that revolutionized gardens and landscape, and more specifically revolutionized the link between building and broader landscape.


[User] Please transcribe this text

[Assistant] The notion is said to come from the French trenches that were dug in the Anglo-French wars. But in landscape terms, what ha-has were allowing a designer to do,


[User] Please transcribe this text

[Assistant] It's to create division, but it's an invisible division. The boundaries become increasingly blurred. And the view from the manor house is seamless.


[User] Please transcribe this text

[Assistant] Piece of work, but probably the most incongruous in a landscape like this. A rather strange union of architecture from Southern Europe, but landscape which is uniquely British.


[User] Please transcribe this text

[Assistant] And yet, he didn't embark on a grand tour, and he, he wasn't that well classically educated, although a bright man. And so, monuments like this almost become back-commits in a wider audience, that you knew what you were talking about, and you were to be taken seriously.


[User] Please transcribe this text

[Assistant] He's ambitious in the army, works his way up through the ranks and ends up as a field marshal. He's ambitious socially.


[User] Please transcribe this text

[Assistant] My leather's been in the oven for eight minutes, I pull it out and...


[User] Please transcribe this text

[Assistant] I created those and uhm, that is my legacy to the garden.


[User] Please transcribe this text

[Assistant] Well, it was never going to be a practical house. It needed a great many servants. And of course, the heating problems, the servant problems, it was totally impractical. I would have said it was a colossal waste of family money.


[User] Please transcribe this text

[Assistant] But she was, wasn't a good person to get into a dispute with. She modeled herself, so to speak, on the Queen Mother. And, uh, if I was pushing her around the garden in a wheelchair, she'd be waving to the public, good morning, how nice to see you, and, and so on. But not my style, but it was very much her style.


[User] Please transcribe this text

[Assistant] I used to hear her muttering, it's all mine.


[User] Please transcribe this text

[Assistant] It all happens to belong to me. Which it didn't of course, but that was her.


[User] Please transcribe this text

[Assistant] I was astonished to see a television, uh, photograph taken by a helicopter of a wood where every single tree had been blown flat. It looked like a box of matches had been just sprinkled and it's all lying in the same direction.


[User] Please transcribe this text

[Assistant] I walked into the garden and hoping that the pineetum would be okay. To my absolute horror, I wasn't looking out onto the pineetum, I was looking out onto farm buildings and there was just two big, uhm, sequoias left and that was it.


[User] Please transcribe this text

[Assistant] After the great storm, I wondered whether we would ever be able to open again. We'd lost 486 trees that night.


[User] Please transcribe this text

[Assistant] Uhm, there's Kumbha, definitely standing there. That, I think, could be Uncle Lenny.


[User] Please transcribe this text

[Assistant] I think, uh, Ludwig, my great-grandfather, would be pleased. I'm of an age now where I should be meeting up with him fairly soon, no doubt, and I'll find out.


[User] Please transcribe this text

[Assistant] It's a wasabi ice cream with honey and fondants, a honey and puree, a nutmeg biscuit and uh, sugared wasabi florets.


[User] Please transcribe this text

[Assistant] This is black vinegar roasted pork with wasabi and pea puree, wild garlic, roasted garlic cloves, and wasabi greens.


[User] Please transcribe this text

[Assistant] No, but you're right. I should march over there and ask her out. Oh goody, we're getting a cat.


[User] Please transcribe this text

[Assistant] Good afternoon, Penny. So, hi, hey.


[User] Please transcribe this text

[Assistant] Or a subset of them might be there. Algebraically speaking, there are too many unknowns. For example, Sheldon had Quiznos for lunch. Sometimes he finds that filling, other times he doesn't. It's no fault of Quiznos, they have a varied menu.


[User] Please transcribe this text

[Assistant] There's no reason we couldn't go to the restaurant and have a lovely dinner. Maybe take a walk afterwards. Talk about things we have in common. You love pottery?


[User] Please transcribe this text

[Assistant] That's right, we're at the grocery store and we're going to learn some language you can use when you want to pay for your groceries.


[User] Please transcribe this text

[Assistant] That's right, and we also have some great language that the person who is actually, uhm, selling the, the groceries can use.


[User] Please transcribe this text

[Assistant] Okay, we have six words for you today. And the first one, the girl, the cashier says, this is the express checkout lane.


[User] Please transcribe this text

[Assistant] Right, so the checkout lane. Now, why did she say express checkout lane?


[User] Please transcribe this text

[Assistant] Alright, so next she tells the guy to put your items on the belt.


[User] Please transcribe this text

[Assistant] A coupon is a piece of paper you can use to get a discount.


[User] Please transcribe this text

[Assistant] A discount for one thing, like, so maybe you buy some, some apples and you get 10% off one kind of apple.


[User] Please transcribe this text

[Assistant] Uhm, to be older than the date when you can use them.


[User] Please transcribe this text

[Assistant] Okay, so we can see his coupons expired, so they were too old and he couldn't use them anymore.


[User] Please transcribe this text

[Assistant] Alright, so a club card. Okay, so he's going to pay with a card, but he also asked for some cash back. Cash back. Could I get cash back? Cash back.


[User] Please transcribe this text

[Assistant] Now what's he talking about? Can he get cash back? He's paying with a card. What does he want to do?


[User] Please transcribe this text

[Assistant] Ah, so instead of going to the ATM, you can get your money in one spot.


[User] Please transcribe this text

[Assistant] Interesting, uh, well why don't we hear this one more time in the dialogue, but let's slow it down a little so we can understand better.


[User] Please transcribe this text

[Assistant] Okay, we have three phrases for you now. Well, the guy was not having a very good day, was he? So he couldn't go in the express checkout lane and he says, cut me some slack.


[User] Please transcribe this text

[Assistant] Okay, I think I can understand it means, uhm, relax the rules a little bit.


[User] Please transcribe this text

[Assistant] Now I know this, this phrase actually comes from mountain climbing.


[User] Please transcribe this text

[Assistant] Alright, so you'll hear this all the time in every grocery store, do you want paper or plastic?


[User] Please transcribe this text

[Assistant] Okay, remember this one, cause when you get it right, you'll sound really native-like.


[User] Please transcribe this text

[Assistant] Well one interesting thing I know about grocery stores in America is that the people who are the cashiers are very often students.


[User] Please transcribe this text

[Assistant] Yeaah, or even uhm, in my hometown, it was the most common job for high school students. After school, if you went to the grocery store between 4 o'clock and 9 o'clock at night, every single cashier would be a high school student.


[User] Please transcribe this text

[Assistant] I'm extremely nervous about poaching the chicken. Poaching the chicken breast is really dangerous. You can overcook it so quickly and I'm not sure how long that's actually going to take. I'm just going to do it by feel.


[User] Please transcribe this text

[Assistant] I'm just going to be really careful with it and make sure that I don't overcook it and that it stays juicy. I'm not too sure how long I'm going to poach it for. I just hope I cook the chicken breast perfectly. All I can do is do my best.


[User] Please transcribe this text

[Assistant] And for pile number three, you have the carnelian.


[User] Please transcribe this text

[Assistant] The clock is ticking, guys. Your 75 minutes has started.


[User] Please transcribe this text

[Assistant] 90 seconds, you're gonna find out. Hey Dinah. Yep. You can do it.


[User] Please transcribe this text

[Assistant] He's hard to do, so he's very ambitious, which, you know, I'll credit him for that.


[User] Please transcribe this text

[Assistant] And when you've made it this far, the top 10, it's even harder.


[User] Please transcribe this text

[Assistant] And on a day when so much was at stake, two of you stood out.


[User] Please transcribe this text

[Assistant] The other part of this lecture is about professional money managers. Now this is different from investment banker or commercial banker. We're talking about people who invest other people's money by


[User] Please transcribe this text

[Assistant] But we're talking more about, now we're talking about people who invest, who take your money in a different way and invest it in stocks and bonds or other normal investable assets in the open market. Not necessarily, uh, public, they could be private.


[User] Please transcribe this text

[Assistant] So I wanted to just first look at what it is that Americans hold. America is probably typical of advanced countries today. So this is the total assets of U.S. households. Now, unfortunately, the Federal Reserve that computes these statistics


[User] Please transcribe this text

[Assistant] Uh, puts non-profits in with households. That's because they're like households. They're not owned by anybody, so what, what do you make of them? So, uh, but most of, almost all of this is households.


[User] Please transcribe this text

[Assistant] So it just tells you where the money is. So, uh, the total is, uh, a hundred and one, this is in billions, so this is a hundred and one trillion dollars. So that's the total assets of Americans. If you divide that by the population.


[User] Please transcribe this text

[Assistant] Uh, I think that's about, that's on the next slide actually. It's about 270,000 per person.


[User] Please transcribe this text

[Assistant] Uhm, the traditional family of four, mom, dad, two kids, is now a minority of the U.S. population.


[User] Please transcribe this text

[Assistant] But they're still there. So, but let's take that traditional family. That says they have over a million dollars. So the typical, if you do it this way, calculation, you divide 101 trillion by 320 million.


[User] Please transcribe this text

[Assistant] And multiply by four, you get a million dollars. So the typical household is a millionaire. A million dollars isn't what it used to be. On the other hand, we're living pretty well.


[User] Please transcribe this text

[Assistant] But I have to qualify that. You remember, we have great income inequality in the United States. So that's the average household. The median household would be much lower than that.


[User] Please transcribe this text

[Assistant] But anyway, let's look at this average and where it, where it is. So the Federal Reserve in Table B-101 computes totals of assets held. So you just get an idea of what people own.


[User] Please transcribe this text

[Assistant] Uh, because people owe money, but we're just looking at the assets now on a balance sheet. So, uh, that's the biggest single thing, I guess. Homes. People own their homes.


[User] Please transcribe this text

[Assistant] They also own interest in pension funds. This is a big business. It's almost as big as your house. That is, when you take your first job, they will probably tell you that we will be contributing to a pension fund for you.


[User] Please transcribe this text

[Assistant] Uh, or, or promising to pay you a, uh, uh, come, we're gonna talk about pension funds in a minute. That amounts to about, uh, twenty trillion dollars.


[User] Please transcribe this text

[Assistant] Uh, now equity in non-corporate business, that's an estimate. Lots of people have businesses, and they're not corporate, they're not traded on any stock exchange, but, uh, they're valued, they've tried to value them, and they assume these businesses together are worth about over 10 trillion.


[User] Please transcribe this text

[Assistant] And then stock. Now these are stocks owned directly by the public.


[User] Please transcribe this text

[Assistant] It's 13 trillion. It's about half of what they own in, in, uh, household. Now again, this would be very limited among the bottom half of the population. There's a certain, it's wealthy people, typically, who own stock. Or, or, or dilettante, people who like it, uh, who are interested in investing.


[User] Please transcribe this text

[Assistant] Deposits are about the same, but they're distributed to lower income people more. Bank deposit, that's about 10 trillion.


[User] Please transcribe this text

[Assistant] Mutual funds are coming back to that as an indirect ownership of stocks and bonds.


[User] Please transcribe this text

[Assistant] Uh, that's 8 trillion. Consumer durables, this is your car, your, your living room furniture, I don't know what else. Uh, everything you own, durable item that you own, that we don't normally value, but they've put a value on it. It's about 5 trillion.


[User] Please transcribe this text

[Assistant] Government bonds, treasury securities, not so much. People don't generally, most people, your grandmother may have given you a saving bond as a Christmas present, but, uh, it's not worth much, right?


[User] Please transcribe this text

[Assistant] Uh, the public is just not into buying them directly, but they're bought indirectly. It's in their pension funds and mutual funds.


[User] Please transcribe this text

[Assistant] And even corporate bonds are even small. Look at that, it's only 296 billion. So the typical household is not owning corporate issued bonds. They're a little bit higher on municipal bonds. They'll own them directly. Municipal bonds are, uh,


[User] Please transcribe this text

[Assistant] Uh, life insurance policies with, uh, cash values and other, I didn't, uh, fill that in.


[User] Please transcribe this text

[Assistant] That's what people own. So anyway, today when we're talking about, uh, pension funds, mutual funds, uh, what else? Uh, the part, well, yea, pension funds and mutual funds.


[User] Please transcribe this text

[Assistant] Uh, we're talking about, uh, something like 30, close to 30 trillion dollars, uh, which, uh, is managed by institutional investors. So, oh, I have to talk about liabilities. Those were the assets, but they also owe money. So this is again from the Federal Reserve, the same table.


[User] Please transcribe this text

[Assistant] Home mortgage is almost 10 trillion dollars. So the, that is that you have a, uhm, what did we say, uh, 25 trillion for real estate minus 10 trillion. So it's about 15 trillion in own, in net worth invested in houses.


[User] Please transcribe this text

[Assistant] Now, consumer credit is another liability. These are things that you owe. You owe on the mortgage and you owe on your credit card. Or it could also be another form of, uh, consumer credit. Like when you buy furniture from a store, they would give it to you on installment. Uh, that's only three and a half trillion.


[User] Please transcribe this text

[Assistant] Loans that people take out at banks, not so big, 1.5 trillion, not counting mortgages. Most loans are in the form of mortgages, but you can get a vacation loan or a college loan, as you may have heard, some of you. The total liabilities are,


[User] Please transcribe this text

[Assistant] Uh, 14 trillion, 14 and a half trillion. So the difference between assets and liabilities is 86 trillion. Uh, so, uh, that won't bring us up to a million dollars per household. I was doing it just assets and not considering the liability.


[User] Please transcribe this text

[Assistant] I nearly fell off the planet. I nearly fell off Mother Earth.


[User] Please transcribe this text

[Assistant] This garden is like a very bizarre piece of Victorian theatre. For me it feels almost as if I've stepped into Alice in Wonderland.


[User] Please transcribe this text

[Assistant] There's a mystery here, which I would like to uncover, which is what kind of obsession drove this wealthy, eccentric Victorian industrialist to create this remarkable garden, which eventually would lead him to financial ruin.


[User] Please transcribe this text

[Assistant] We are in the Grand Hall of Biddlegrange and uhm, there's some clues behind me which tell us a little bit about Victorian Britain.