[User] Please transcribe this text

[Assistant] It's just, it's just, it's people don't know what radiation is. Like I've had people ask me like, what about radiation from cell phones, quoting, causing brain cancer? I'm like, when you say radiation, do you mean photons or particles? I'm like, then I don't know what, what do you mean photons, particles? Do you mean?


[User] Please transcribe this text

[Assistant] Like, what do you mean? Like, yeah, everything's radiating all the time. Photons are being emitted by all objects all the time, basically. So uhm, and if you want to know what it's, what it means to stand in front of nuclear fire, go outside. The sun is a gigantic


[User] Please transcribe this text

[Assistant] You know, thermonuclear reactor, you're staring right at it. Are you still alive? Yes. Okay. Amazing.


[User] Please transcribe this text

[Assistant] Yeah, just say like, okay, how many people have actually died from nuclear accidents? It's like practically nothing. And, uh, say how many people have died from, you know, coal plants and it's a very big number. So.


[User] Please transcribe this text

[Assistant] Well, no, or it's like referring to like or something as like as, uh,


[User] Please transcribe this text

[Assistant] Yeah, like it didn't come back. No.


[User] Please transcribe this text

[Assistant] Uh, there is- Yuri Gagarin's names will, will, will be forever in history, I think.


[User] Please transcribe this text

[Assistant] Um, you know, I mean, obviously six billion dollars is not going to end world hunger, so.


[User] Please transcribe this text

[Assistant] Um, so I mean the reality is at this point the world is producing, uh,


[User] Please transcribe this text

[Assistant] For more food that I can really consume it like we don't have a caloric, uh,


[User] Please transcribe this text

[Assistant] Get straight to this point. So where there is hunger, it is almost always due to, uhm, it's like, like civil war or strife or some like, uhm, it's, it's not a thing that is


[User] Please transcribe this text

[Assistant] Extremely rare for it to be just a matter of like, lack of money. It's like.


[User] Please transcribe this text

[Assistant] You know, it's like some, there's a civil war in some, some country and then like one part of the country is literally trying to starve the other part of the country.


[User] Please transcribe this text

[Assistant] You know, among low income families, obesity is actually not a problem. It's not, like obesity is, it's not hunger. It's like too much, you know, too many calories. Uh, so, uh, it's not that nobody's hungry, hungry anywhere. It's just, it's just, this is, uh, not, not a simple matter of adding money and solving it.


[User] Please transcribe this text

[Assistant] The British Museum is pretty great. I mean, admittedly Britain did take these historical artifacts from all around the world and put them in London, but, uh, you know, it's not like


[User] Please transcribe this text

[Assistant] People can't go see them, uh, so it is a convenient place to see these, uh, ancient artifacts is London for, you know, for a large segment of the world.


[User] Please transcribe this text

[Assistant] It's like you want to make these historical artifacts accessible to as many people as possible. And the British Museum, uh, I think does a good job of that.


[User] Please transcribe this text

[Assistant] You know, uh, if one is going to judge, say, the British Empire, you've got to judge, you know, what everyone was doing at the time and how were the British relative to everyone.


[User] Please transcribe this text

[Assistant] And I think they were, brush would actually get like a relatively good grade, relatively good grade, not in absolute terms, but compared to what everyone else was doing. Um, they were not the worst.


[User] Please transcribe this text

[Assistant] Life of Brian and the quest of the holy grail are incredible. Yeaah, yeaah. Damn, those serious eyebrows.


[User] Please transcribe this text

[Assistant] There's no one competing with Brezhnev. Those are like epic eyebrows.


[User] Please transcribe this text

[Assistant] He had a flair for drama as well. Like, you know, showmanship.


[User] Please transcribe this text

[Assistant] I mean, when was the cheeseburger invention? That's like an epic invention.


[User] Please transcribe this text

[Assistant] Like wow. You know? That was just like a burger or a burger. I guess a burger in general is like, you know, uhm.


[User] Please transcribe this text

[Assistant] Yeah, but everybody knows like if you order like a burger or cheeseburger or whatever and you like, you got like, you know, tomato and some lettuce and onions and whatever and you know, mayo and ketchup and mustard. It's like epic.


[User] Please transcribe this text

[Assistant] Huh, I wonder if I could, uhm. Only one way to find out.


[User] Please transcribe this text

[Assistant] You know, I have done stand up for friends just, uh, impromptu.


[User] Please transcribe this text

[Assistant] I've never thought about it, but I might have enough material. Uhm, I don't know, like 15 minutes or something.


[User] Please transcribe this text

[Assistant] Yeah, that's right. That you voiced. Yeah. Rick and Morty suddenly explores a lot of interesting concepts.


[User] Please transcribe this text

[Assistant] Uh, should I like, what's the favorite one? I don't know. The, the, the butter robot to me is, uh,


[User] Please transcribe this text

[Assistant] You know, it's like, it's certainly possible to have too much sentience in a device.


[User] Please transcribe this text

[Assistant] Uhm, like you don't want to have your toaster be like a super genius toaster. It's going to hate, hate life because all it could make is toast. But if, you know, it's like, you don't want to have like super intelligence stuck in a, a very limited device. Uhm.


[User] Please transcribe this text

[Assistant] Well, we can reprogram robots easier than we can reprogram humans. So.


[User] Please transcribe this text

[Assistant] I guess if you let it evolve without tinkering, then it might get, uh, sad. Uh, but you can change the optimization function and have it be a cheery robot.


[User] Please transcribe this text

[Assistant] Do things that are useful to your fellow human beings, to the world. It's very hard to be useful. Uhm.


[User] Please transcribe this text

[Assistant] Uhm, you know, are you contributing more than you consume? You know, like, uh, like, can you try to have a positive net contribution to society?


[User] Please transcribe this text

[Assistant] A lot of time people who, a lot of time, the people you want as leaders are the people who don't want to be leaders. So, um.


[User] Please transcribe this text

[Assistant] If you live a useful life, that is a good life, a life worth having lived.


[User] Please transcribe this text

[Assistant] Um, you know, and like I said, I would encourage people to.


[User] Please transcribe this text

[Assistant] Use the mental tools of physics and apply them broadly in life. They are the best tools.


[User] Please transcribe this text

[Assistant] I encourage people to read a lot of books. Just read, basically try to ingest as much information as you can.


[User] Please transcribe this text

[Assistant] Uh, and try to also just develop a good general knowledge. Um, so, so you at least have like a rough lay of the land of the knowledge landscape.


[User] Please transcribe this text

[Assistant] Uhm, like try to learn a little bit about a lot of things.


[User] Please transcribe this text

[Assistant] Uhm, cause you might not know what you're really interested, how would you know what you're really interested in if you at least aren't like doing it peripheral exploration of broadly of, of the knowledge landscape.


[User] Please transcribe this text

[Assistant] And you talk to people from different walks of life and different, uh, industries and professions and skills and occupations. Like just try, you know, learn as much as possible.


[User] Please transcribe this text

[Assistant] Yeah, what's the meaning of life and all, you know, but just generally, like I said, I would, I would encourage people to read broadly, um, in many different subject areas.


[User] Please transcribe this text

[Assistant] And then try to find something where there's an overlap of your talents and.


[User] Please transcribe this text

[Assistant] And what you're interested in. So people may be good at something, but they may have skill at a particular thing, but they don't like doing it.


[User] Please transcribe this text

[Assistant] Uhm, so you want to try to find a thing where you have your.


[User] Please transcribe this text

[Assistant] Well, you got to learn about things somehow. So re-reading a broad range, just really re-read it.


[User] Please transcribe this text

[Assistant] You know, more important was that kid I read through the encyclopedia. Uh, so, that was pretty helpful. Uhm, and, uh,


[User] Please transcribe this text

[Assistant] It's like as broad as it gets. Encyclopedias were digestible, I think, uh, you know, whatever, 40 years ago. Uhm, so uhm, you know, maybe read through the condensed version of the Encyclopedia Britannica. I'd recommend that.


[User] Please transcribe this text

[Assistant] But I, you know, I put a lot of stock and certainly have a lot of respect for someone who puts in an honest day's work, uh, to do useful things.


[User] Please transcribe this text

[Assistant] And, uh, and just generally to have like, uh, not a zero sum mindset.


[User] Please transcribe this text

[Assistant] Or uh, like have more of a grow the pie mindset, like the.


[User] Please transcribe this text

[Assistant] If you, if you sort of say like, when, when I see people like perhaps uhm, I think some very smart people.


[User] Please transcribe this text

[Assistant] Kind of taking an attitude of, uh, like, like, like doing things that seem like morally questionable.


[User] Please transcribe this text

[Assistant] It's often because they have at a base sort of axiomatic level a zero sum mindset.


[User] Please transcribe this text

[Assistant] Uhm, and, and they, without realizing it, they don't realize they have a zero-sum mindset, or at least they don't realize it consciously. Uhm, and so if you have a zero-sum mindset, then the only way to get ahead is by taking things from others.


[User] Please transcribe this text

[Assistant] If it's like, if the pie is fixed, then the only way to have more pie is to take someone else's pie.


[User] Please transcribe this text

[Assistant] But this is false, like obviously the pie has grown dramatically over time, the economic pie. Uhm, so, in reality, you can have, overuse this analogy, you can have a lot of pie.


[User] Please transcribe this text

[Assistant] Why is not fixed? Uhm, uh, so you really want to make sure you don't, you're not operating uhm, without realizing it from a zero sum mindset.


[User] Please transcribe this text

[Assistant] Creating, like I said, creating more than you consume, uh, doing more than you. Yeah. So that's a big deal. I think there's like a fair number of people in finance that do have a bit of a zero-sum mindset.


[User] Please transcribe this text

[Assistant] Now you're asking really perplexing questions. Uhm, it's hard to give a, I mean, there are many books, poems and songs written about what is love and what is, what exactly, you know, uhm,


[User] Please transcribe this text

[Assistant] Us becoming multi-planet species in a space-ranked civilization is, foundationally, I love humanity. Uhm, and, and so I wish to see it prosper and do great things and be happy and, uhm, and if I did not love humanity, I would not care about these things.


[User] Please transcribe this text

[Assistant] All things considered. And I've read a lot of history, including the darkest, worst parts of it. And, uh, despite all that, I think on balance, I still love humanity.


[User] Please transcribe this text

[Assistant] Yeah, well, really, I think what Douglas Adams was saying in Hitchhiker's Guide to the Galaxy is that, uhm, the universe is the answer and, uh, what


[User] Please transcribe this text

[Assistant] But I would like to know that we're on a path to understanding the nature of the universe and the meaning of life and what questions to ask about the answer that is the universe.


[User] Please transcribe this text

[Assistant] Everyone in the village will be excited to see the travelers who met Buddha.


[User] Please transcribe this text

[Assistant] Welcome to warmup four. Today, we're going to talk about one of the core principles of the silver method, which is the


[User] Please transcribe this text

[Assistant] Levels of brain waves. So today we call these altered states. My good friend and mind value author, Steven Kotler says that.


[User] Please transcribe this text

[Assistant] In most of modern society, we are trained to exist in one state of consciousness and that is the beta or waking frequency. Now this is actually something you can measure and hospitals do this all the time when they hook you up to an EEG machine, an electroencephalograph.


[User] Please transcribe this text

[Assistant] The beta frequency is where your brain is pulsing at around 14 to 21 cycles per second. This is the frequency that in the modern world we are trained to use. But if you actually look at many indigenous cultures, indigenous cultures do not exist in a monophasic


[User] Please transcribe this text

[Assistant] The interesting thing about DreamTribez is the Atua communicate with each other during their dreams. They wake up at 4am.


[User] Please transcribe this text

[Assistant] Gather around a campfire and talk about what messages came to them in their dreams. The archuwa don't just discuss their dreams, they communicate through dreams.


[User] Please transcribe this text

[Assistant] Two members of the Atua may be across the rainforest. They have no telephone. They have no way of communicating. They were only discovered by the modern world in 1979.


[User] Please transcribe this text

[Assistant] But what's going on there is that they are tapping into the delta and theta level frequencies to do this. This is what we mean by polyphasic. Now what we are learning in modern science is that when we move to be able to tap into the alpha level of mind,


[User] Please transcribe this text

[Assistant] We gain incredible benefits. Now what is the alpha level of mine?


[User] Please transcribe this text

[Assistant] So, sometimes people are confused by meditation. What you're really doing when you meditate is you're slowing down your brainwave frequency from beta, which is 14 to 21, to alpha, which is 7 to 14. That is meditation. And all the benefits of meditation are coming when you slow down.


[User] Please transcribe this text

[Assistant] This is what Jose Silva was trying to do. In Silva classes, this diagram is often shared.


[User] Please transcribe this text

[Assistant] You will see that the beta frequency, which is the center column, is 14 to 21 cycles per second. This is the physical world. Sight, smell, sound, taste, touch. When you go to the alpha, or what is called your center, hence the word centering exercise, your brain waves, if you were to measure them, are operating at 7 to 14. Now your alpha, or your center, is the mental world.


[User] Please transcribe this text

[Assistant] It's subjective. It's ESP. There is no time or space in your mental world. This could be one of the reasons why phenomenon like psychic ability are sometimes observed. This is one of the reasons why Jose Silva saw that number that caused him to win the lottery.


[User] Please transcribe this text

[Assistant] But you can slow down your brainwaves further. You can slow it down to the theta level, which is four to seven cycles per second. And theta is associated with strong psychic ability.


[User] Please transcribe this text

[Assistant] You can slow down even further to Delta. This is the level of sleep. And Delta is associated with connection to higher intelligence. Now, most people are asleep at Delta.


[User] Please transcribe this text

[Assistant] What you will learn in this program is how to access not just alpha and theta, but how to go all the way to delta. The first three exercises of this program are going to guide you into alpha. The next three exercises are going to guide you to theta. And you will also learn techniques to do before you go to bed to leverage the delta level of mind.


[User] Please transcribe this text

[Assistant] So, once again, beta is the outer conscious level, alpha is the inner conscious level,


[User] Please transcribe this text

[Assistant] Delta is unconscious, but there are ways to leverage Delta to solve problems. And for this, you will learn a technique called the mental video technique, which is the most important technique in this entire program. That said, know that in 1993,


[User] Please transcribe this text

[Assistant] Another brainwave frequency was discovered by researchers at Harvard. It's called the gamma frequency, and they observed its study in monks who had been meditating for decades. Gamma is when your brain is moving above 21 cycles per second. It's a highly rapid frequency.


[User] Please transcribe this text

[Assistant] Today, scientists are still not fully in agreement on what exactly is going on in gamma. So for the purpose of this program, we will not be discussing gamma.


[User] Please transcribe this text

[Assistant] Even if you just use the centering exercise and meditate and go to your center, the range of benefits you get is extraordinary.


[User] Please transcribe this text

[Assistant] For example, check out this curve. This is from Daniel Goleman and Richard J. Davidson's book, Altered Traits. You can see that beginning in the 1970s, research and meditation started taking place, but the research went up exponentially after the 2010s.


[User] Please transcribe this text

[Assistant] Meditation has exploded all across the world because now science has shown a remarkable area of research on the benefits you get from meditation. So you will get those same benefits doing this program, but we'll go beyond just basic meditation to teach you active meditation. So you can use altered states, alpha, theta, delta to shift reality.


[User] Please transcribe this text

[Assistant] So you've now learned all the basics to get you started with the Silva Ultramine system.


[User] Please transcribe this text

[Assistant] I can't wait to see you on the chosen start date for this program. Get ready for one of the most incredible journeys of your life.


[User] Please transcribe this text

[Assistant] I thank Silva for everything I've built in life. This was really my starting program in personal growth.


[User] Please transcribe this text

[Assistant] And I don't mean starting as in basic, it was just so advanced. It completely blew my mind and it made me who I am. The fact that.


[User] Please transcribe this text

[Assistant] I today get to say I run a company that's about to go public. The fact that we have an office that was in Ink Magazine as one of the top 10 most beautiful offices in the world. The fact that I have my own festivals around the world and I have a job that makes me so happy getting out of bed every morning.


[User] Please transcribe this text

[Assistant] It's because all of it started in here and I used the silver method to guide me to making the right decisions. And when I knew what those decisions were, I was able to use these tools to shift reality, to move me towards these visions. And you're going to experience the same.


[User] Please transcribe this text

[Assistant] So thank you so much for joining us here. And I want to ask a small favor of you. If you have taken a Silva Method class in the past and you're now coming here to go further in your learnings of Silva, I'd love to hear your story. Go to stories.mindvalley.com and share your story. Click the button to share.


[User] Please transcribe this text

[Assistant] Upload your story under Silva Ultra Mind, and I cannot wait to share your story with other members of our community. Once again, that's stories.mindvalley.com. I'll see you shortly in the program.


[User] Please transcribe this text

[Assistant] Better watch this indoors. It's raining, it's pouring.


[User] Please transcribe this text

[Assistant] We are now returning to the east so I can deliver the true scriptures. Good.


[User] Please transcribe this text

[Assistant] I believe Wukong, said Wujing. We must walk across the log.


[User] Please transcribe this text

[Assistant] It is you! Look again, Master.


[User] Please transcribe this text

[Assistant] Yes, you can have my damn cookie. I don't care. Whatever.


[User] Please transcribe this text

[Assistant] In this English lesson we're going to show you some sentence patterns that you can use in everyday life. Let's get started. I always feel better after. I always feel better after. I always feel better after.


[User] Please transcribe this text

[Assistant] I always feel better after I talk with you.


[User] Please transcribe this text

[Assistant] I always feel better after I talk with you.


[User] Please transcribe this text

[Assistant] I always feel better after I talk with you.


[User] Please transcribe this text

[Assistant] I always feel better after yoga class.


[User] Please transcribe this text

[Assistant] I always feel better after yoga class.


[User] Please transcribe this text

[Assistant] I always feel better after yoga class.


[User] Please transcribe this text

[Assistant] I always feel better after I write in my journal.


[User] Please transcribe this text

[Assistant] Everyone I know is leading such a cool life.


[User] Please transcribe this text

[Assistant] Everyone I know is leading such a cool life.


[User] Please transcribe this text

[Assistant] Everyone I know is unhappy with their lives.


[User] Please transcribe this text

[Assistant] Everyone I know is unhappy with their lives.


[User] Please transcribe this text

[Assistant] Everyone I know is unhappy with their lives.


[User] Please transcribe this text

[Assistant] Everyone I know is lying to themselves.


[User] Please transcribe this text

[Assistant] Everyone I know is lying to themselves.


[User] Please transcribe this text

[Assistant] Everyone I know is lying to themselves.


[User] Please transcribe this text

[Assistant] It's pretty easy to see why he has no friends.


[User] Please transcribe this text

[Assistant] It's pretty easy to see why they ended up together.


[User] Please transcribe this text

[Assistant] It's pretty easy to see why they ended up together.


[User] Please transcribe this text

[Assistant] It's pretty easy to see why she didn't get a scholarship.


[User] Please transcribe this text

[Assistant] It's pretty easy to see why she didn't get a scholarship.


[User] Please transcribe this text

[Assistant] It's pretty easy to see why she didn't get a scholarship.


[User] Please transcribe this text

[Assistant] It's pretty easy to see why they love working there.


[User] Please transcribe this text

[Assistant] It's pretty easy to see why they love working there.


[User] Please transcribe this text

[Assistant] Every parent knows it's not easy raising a child in today's world.


[User] Please transcribe this text

[Assistant] Every parent knows it's not easy raising a child in today's world.


[User] Please transcribe this text

[Assistant] Every parent knows it's not easy raising a child in today's world.


[User] Please transcribe this text

[Assistant] Every parent knows mistakes happen no matter how hard you try.


[User] Please transcribe this text

[Assistant] Every parent knows their child will say things they don't actually mean during a fight.


[User] Please transcribe this text

[Assistant] Every parent knows their child will say things they don't actually mean during a fight.


[User] Please transcribe this text

[Assistant] Every parent knows their child will say things they don't actually mean during a fight.


[User] Please transcribe this text

[Assistant] Every parent knows, even if they try their best, things won't always go as planned.


[User] Please transcribe this text

[Assistant] You probably aren't in the mood to talk about what happened.


[User] Please transcribe this text

[Assistant] You probably aren't coming to visit us during your spring break.


[User] Please transcribe this text

[Assistant] You probably aren't coming to visit us during your spring break.


[User] Please transcribe this text

[Assistant] You probably aren't coming to visit us during your spring break.


[User] Please transcribe this text

[Assistant] Everyone is asking if you have made a decision yet.


[User] Please transcribe this text

[Assistant] Everyone is asking if you have any regrets.


[User] Please transcribe this text

[Assistant] Everyone is asking if you have made an apology.


[User] Please transcribe this text

[Assistant] Everyone is asking if you have made an apology.


[User] Please transcribe this text

[Assistant] Everyone is asking if you have made an apology.


[User] Please transcribe this text

[Assistant] I have no other choice but to quit my job.


[User] Please transcribe this text

[Assistant] I have no other choice but to quit my job.


[User] Please transcribe this text

[Assistant] I have no other choice but to quit my job.


[User] Please transcribe this text

[Assistant] I have no other choice but to turn a blind eye.


[User] Please transcribe this text

[Assistant] I have no other choice but to turn a blind eye.


[User] Please transcribe this text

[Assistant] I have no other choice but to turn a blind eye.


[User] Please transcribe this text

[Assistant] I have no other choice but to pretend like nothing happened between us.


[User] Please transcribe this text

[Assistant] I have no other choice but to pretend like nothing happened between us.


[User] Please transcribe this text

[Assistant] I have no other choice but to confront him with the truth.


[User] Please transcribe this text

[Assistant] I have no other choice but to confront him with the truth.


[User] Please transcribe this text

[Assistant] I have no other choice but to confront him with the truth.


[User] Please transcribe this text

[Assistant] I have no other choice but to break my promise.


[User] Please transcribe this text

[Assistant] I have no other choice but to break my promise.


[User] Please transcribe this text

[Assistant] I have no other choice but to break my promise.


[User] Please transcribe this text

[Assistant] I have no other choice but to find a new roommate.


[User] Please transcribe this text

[Assistant] I have no other choice but to find a new roommate.


[User] Please transcribe this text

[Assistant] I have no other choice but to find a new roommate.


[User] Please transcribe this text

[Assistant] It has come to my attention that she has been lying to us the whole time.


[User] Please transcribe this text

[Assistant] It has come to my attention that she has been lying to us the whole time.


[User] Please transcribe this text

[Assistant] It has come to my attention that she has been lying to us the whole time.


[User] Please transcribe this text

[Assistant] It has come to my attention that someone here has been stealing supplies from the lab.


[User] Please transcribe this text

[Assistant] It has come to my attention that I didn't give you a fair chance.


[User] Please transcribe this text

[Assistant] It has come to my attention that I didn't give you a fair chance.


[User] Please transcribe this text

[Assistant] It has come to my attention that I didn't give you a fair chance.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to complain about the outcome.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to complain about the outcome.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to complain about the outcome.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to decide what happens next.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to decide what happens next.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to decide what happens next.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to talk to her like that.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to talk to her like that.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to talk to her like that.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to run away when things get tough.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to run away when things get tough.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to run away when things get tough.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to any of the prize money.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to any of the prize money.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to put your name on this project.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to put your name on this project.


[User] Please transcribe this text

[Assistant] After everything you did, you don't have a right to put your name on this project.


[User] Please transcribe this text

[Assistant] To his credit, he did try his best to smooth things over with her.


[User] Please transcribe this text

[Assistant] To his credit, he did try his best to smooth things over with her.


[User] Please transcribe this text

[Assistant] To his credit, he did return the stolen goods.


[User] Please transcribe this text

[Assistant] To his credit, he did return the stolen goods.


[User] Please transcribe this text

[Assistant] To his credit, he did fess up to his mistake.


[User] Please transcribe this text

[Assistant] To his credit, he did offer his services at half price.


[User] Please transcribe this text

[Assistant] To his credit, he did offer his services at half price.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are...


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are...


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are...


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are more than just friends.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are more than just friends.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are more than just friends.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are having some problems.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are avoiding each other.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are avoiding each other.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are avoiding each other.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are hiding a secret.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are hiding a secret.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are hiding a secret.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are building an alliance.


[User] Please transcribe this text

[Assistant] It's obvious that the two of you are getting along better these days.


[User] Please transcribe this text

[Assistant] She can easily find someone better than him.


[User] Please transcribe this text

[Assistant] She can easily find someone better than him.


[User] Please transcribe this text

[Assistant] She can easily find a job with better pay.


[User] Please transcribe this text

[Assistant] She can easily find a job with better pay.


[User] Please transcribe this text

[Assistant] She can easily find a job with better pay.


[User] Please transcribe this text

[Assistant] She can easily find friends in a city like this.


[User] Please transcribe this text

[Assistant] She can easily find friends in a city like this.


[User] Please transcribe this text

[Assistant] She can easily find friends in a city like this.


[User] Please transcribe this text

[Assistant] She can easily find the solution to any problem.


[User] Please transcribe this text

[Assistant] She can easily find the solution to any problem.


[User] Please transcribe this text

[Assistant] She can easily find the solution to any problem.


[User] Please transcribe this text

[Assistant] She can easily find her way out of this.


[User] Please transcribe this text

[Assistant] She can easily find her way out of this.


[User] Please transcribe this text

[Assistant] She can easily find her way out of this.


[User] Please transcribe this text

[Assistant] By the end of the relationship, I was ready to be single for the rest of my life.


[User] Please transcribe this text

[Assistant] By the end of the relationship, I was ready to be single for the rest of my life.


[User] Please transcribe this text

[Assistant] By the end of the relationship, I was ready to be single for the rest of my life.


[User] Please transcribe this text

[Assistant] By the end of that book, I was ready to travel the world.


[User] Please transcribe this text

[Assistant] By the end of that book, I was ready to travel the world.


[User] Please transcribe this text

[Assistant] By the end of that book, I was ready to travel the world.


[User] Please transcribe this text

[Assistant] By the end of the event, I was ready to go home and sleep for months.


[User] Please transcribe this text

[Assistant] By the end of the event, I was ready to go home and sleep for months.


[User] Please transcribe this text

[Assistant] By the end of that day, I was ready to quit.


[User] Please transcribe this text

[Assistant] By the end of that day, I was ready to quit.


[User] Please transcribe this text

[Assistant] By the end of that day, I was ready to quit.


[User] Please transcribe this text

[Assistant] I told you it was the saddest thing I had ever seen.


[User] Please transcribe this text

[Assistant] I told you it was the saddest thing I had ever seen.


[User] Please transcribe this text

[Assistant] I told you it was the saddest thing I had ever seen.


[User] Please transcribe this text

[Assistant] I told you it was the happiest day of my life.


[User] Please transcribe this text

[Assistant] I told you it was the happiest day of my life.


[User] Please transcribe this text

[Assistant] I told you it was the happiest day of my life.


[User] Please transcribe this text

[Assistant] She invited everyone but our boss.


[User] Please transcribe this text

[Assistant] She invited everyone but her old coworkers.


[User] Please transcribe this text

[Assistant] She invited everyone but her old coworkers.


[User] Please transcribe this text

[Assistant] She invited everyone but her neighbors.


[User] Please transcribe this text

[Assistant] She invited everyone but her neighbors.


[User] Please transcribe this text

[Assistant] She invited everyone but her neighbors.


[User] Please transcribe this text

[Assistant] He's already in line for the restroom.


[User] Please transcribe this text

[Assistant] He's already in line for the restroom.


[User] Please transcribe this text

[Assistant] He's already in line for the restroom.


[User] Please transcribe this text

[Assistant] He's already in line for the dumplings. He's already in line for the dumplings.


[User] Please transcribe this text

[Assistant] He's already in line for the dumplings.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after...


[User] Please transcribe this text

[Assistant] I was in such a bad mood after meeting up with my aunt.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after meeting up with my aunt.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after meeting up with my aunt.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after going on a date with her.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after going on a date with her.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after going on a date with her.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after talking with my boss.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after talking with my boss.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after talking with my boss.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after seeing the two of them together.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after seeing the two of them together.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after seeing the two of them together.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after hearing what he thought of me.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after hearing what he thought of me.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after learning the truth.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after learning the truth.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after learning the truth.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after watching that movie.


[User] Please transcribe this text

[Assistant] I was in such a bad mood after watching that movie.


[User] Please transcribe this text

[Assistant] I still can't believe I've never traveled outside this country.


[User] Please transcribe this text

[Assistant] I still can't believe I've never met your parents.


[User] Please transcribe this text

[Assistant] I still can't believe I've never gone to a bar.


[User] Please transcribe this text

[Assistant] I still can't believe I've never tried cheesecake.


[User] Please transcribe this text

[Assistant] I still can't believe I've never tried cheesecake.


[User] Please transcribe this text

[Assistant] I still can't believe I've never tried cheesecake.


[User] Please transcribe this text

[Assistant] I still can't believe I've never driven a car.


[User] Please transcribe this text

[Assistant] I still can't believe I've never driven a car.


[User] Please transcribe this text

[Assistant] I still can't believe I've never driven a car.


[User] Please transcribe this text

[Assistant] I still can't believe I've never lived by myself.


[User] Please transcribe this text

[Assistant] I still can't believe I've never lived by myself.


[User] Please transcribe this text

[Assistant] I still can't believe I've never lived by myself.


[User] Please transcribe this text

[Assistant] Don't hold back just because you're worried about what others will think of you.


[User] Please transcribe this text

[Assistant] Don't hold back just because you're worried about what others will think of you.


[User] Please transcribe this text

[Assistant] Don't hold back just because of what they said.


[User] Please transcribe this text

[Assistant] Don't hold back just because of what they said.


[User] Please transcribe this text

[Assistant] Don't hold back, just because you're scared to make a mistake.


[User] Please transcribe this text

[Assistant] Don't hold back just because you think they'll make fun of you.


[User] Please transcribe this text

[Assistant] Don't hold back just because you think they'll make fun of you.


[User] Please transcribe this text

[Assistant] Don't hold back just because you have never tried it before.


[User] Please transcribe this text

[Assistant] Don't hold back just because you have never tried it before.


[User] Please transcribe this text

[Assistant] I bet none of them have ever had to wash their own laundry.


[User] Please transcribe this text

[Assistant] I bet none of them have ever had to wash their own laundry.


[User] Please transcribe this text

[Assistant] I bet none of them have ever had to wash their own laundry.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is walk away and never look back.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is pray that it ends soon.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is wash your hands of it.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is wash your hands of it.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is wash your hands of it.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is cross your fingers and hope it works out.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is leave before it gets worse.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is leave before it gets worse.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is call up a close friend to help you.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is call up a close friend to help you.


[User] Please transcribe this text

[Assistant] The best thing you can do in a situation like that is call up a close friend to help you.


[User] Please transcribe this text

[Assistant] Theta, however, can be a hard state to stay in. Some people fall asleep. Some people go to theta and pull back out to alpha. We're going to play the theta sound because you're learning to go into deeper and deeper levels of mind from alpha to theta while staying awake and fully conscious.


[User] Please transcribe this text

[Assistant] No one seems to notice my new haircut.


[User] Please transcribe this text

[Assistant] No one seems to notice my new haircut.


[User] Please transcribe this text

[Assistant] No one seems to notice my new haircut.


[User] Please transcribe this text

[Assistant] No one seems to notice the bride hasn't arrived yet.


[User] Please transcribe this text

[Assistant] No one seems to notice the bride hasn't arrived yet.


[User] Please transcribe this text

[Assistant] No one seems to notice the bride hasn't arrived yet.


[User] Please transcribe this text

[Assistant] No one seems to notice our boss is in one of his moods.


[User] Please transcribe this text

[Assistant] No one seems to notice our boss is in one of his moods.


[User] Please transcribe this text

[Assistant] No one seems to notice our boss is in one of his moods.


[User] Please transcribe this text

[Assistant] No one seems to notice how weird it smells in here.


[User] Please transcribe this text

[Assistant] No one seems to notice there is a strict dress code.


[User] Please transcribe this text

[Assistant] No one seems to notice there is a strict dress code.


[User] Please transcribe this text

[Assistant] No one seems to notice there is a strict dress code.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish editing these paragraphs.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish editing these paragraphs.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish editing these paragraphs.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish folding my laundry.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish weeding the garden.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish weeding the garden.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish weeding the garden.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish making the kids lunch.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish making the kids lunch.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish making the kids lunch.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish adding these last slides to the PowerPoint.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish adding these last slides to the PowerPoint.


[User] Please transcribe this text

[Assistant] I'll leave as soon as I finish adding these last slides to the PowerPoint.


[User] Please transcribe this text

[Assistant] I seem to recall that he doesn't like raisins.


[User] Please transcribe this text

[Assistant] I seem to recall that he doesn't like raisins.


[User] Please transcribe this text

[Assistant] I seem to recall that he doesn't like raisins.


[User] Please transcribe this text

[Assistant] I seem to recall that he is interested in martial arts.


[User] Please transcribe this text

[Assistant] I seem to recall that he is interested in martial arts.


[User] Please transcribe this text

[Assistant] I seem to recall that he is interested in martial arts.


[User] Please transcribe this text

[Assistant] I seem to recall that he likes watching baseball.


[User] Please transcribe this text

[Assistant] I seem to recall that he likes watching baseball.


[User] Please transcribe this text

[Assistant] I seem to recall that he likes watching baseball.


[User] Please transcribe this text

[Assistant] I seem to recall that he doesn't care for this sort of thing.


[User] Please transcribe this text

[Assistant] I seem to recall that he doesn't care for this sort of thing.


[User] Please transcribe this text

[Assistant] I seem to recall that he doesn't care for this sort of thing.


[User] Please transcribe this text

[Assistant] I seem to recall that he hates silly movies like that.


[User] Please transcribe this text

[Assistant] I seem to recall that he hates silly movies like that.


[User] Please transcribe this text

[Assistant] I seem to recall that he hates silly movies like that.


[User] Please transcribe this text

[Assistant] I seem to recall that he didn't get along with most people.


[User] Please transcribe this text

[Assistant] I seem to recall that he didn't get along with most people.


[User] Please transcribe this text

[Assistant] I seem to recall that he didn't get along with most people.


[User] Please transcribe this text

[Assistant] I seem to recall that he said he would call back but never did.


[User] Please transcribe this text

[Assistant] I seem to recall that he said he would call back but never did.


[User] Please transcribe this text

[Assistant] I seem to recall that he said he would call back, but never did.


[User] Please transcribe this text

[Assistant] You're right, I should have asked before borrowing your car.


[User] Please transcribe this text

[Assistant] You're right, I should have asked before borrowing your car.


[User] Please transcribe this text

[Assistant] You're right, I should have asked before borrowing your car.


[User] Please transcribe this text

[Assistant] You're right. I should have bought my plane tickets earlier.


[User] Please transcribe this text

[Assistant] You're right. I should have bought my plane tickets earlier.


[User] Please transcribe this text

[Assistant] You're right. I should have bought my plane tickets earlier.


[User] Please transcribe this text

[Assistant] You're right. I should have called before coming here.


[User] Please transcribe this text

[Assistant] You're right. I should have called before coming here.


[User] Please transcribe this text

[Assistant] You're right. I should have taken the dogs out before it got dark.


[User] Please transcribe this text

[Assistant] You're right. I should have taken the dogs out before it got dark.


[User] Please transcribe this text

[Assistant] You're right. I should have taken the dogs out before it got dark.


[User] Please transcribe this text

[Assistant] You're right, I should have worn a different outfit to the meeting.


[User] Please transcribe this text

[Assistant] You're right, I should have worn a different outfit to the meeting.


[User] Please transcribe this text

[Assistant] You're right. I should have worn a different outfit to the meeting.


[User] Please transcribe this text

[Assistant] You're right. I should have apologized as soon as I realized what I did was wrong.


[User] Please transcribe this text

[Assistant] You're right. I should have apologized as soon as I realized what I did was wrong.


[User] Please transcribe this text

[Assistant] You're right. I should have apologized as soon as I realized what I did was wrong.


[User] Please transcribe this text

[Assistant] You're right, I should have notified my boss before quitting.


[User] Please transcribe this text

[Assistant] You're right, I should have notified my boss before quitting.


[User] Please transcribe this text

[Assistant] You're right, I should have notified my boss before quitting.


[User] Please transcribe this text

[Assistant] She's pretty sure that she isn't going to change her mind.


[User] Please transcribe this text

[Assistant] She's pretty sure that she isn't going to change her mind.


[User] Please transcribe this text

[Assistant] She's pretty sure that she isn't going to change her mind.


[User] Please transcribe this text

[Assistant] She's pretty sure that he doesn't want anything to do with her.


[User] Please transcribe this text

[Assistant] She's pretty sure that he doesn't want anything to do with her.


[User] Please transcribe this text

[Assistant] She's pretty sure that he doesn't want anything to do with her.


[User] Please transcribe this text

[Assistant] She's pretty sure that they aren't hiring anyone this winter.


[User] Please transcribe this text

[Assistant] She's pretty sure that they aren't hiring anyone this winter.


[User] Please transcribe this text

[Assistant] She's pretty sure that they aren't hiring anyone this winter.


[User] Please transcribe this text

[Assistant] She's pretty sure that it's open until 1 a.m.


[User] Please transcribe this text

[Assistant] She's pretty sure that it's open until 1 a.m.


[User] Please transcribe this text

[Assistant] She's pretty sure that it's open until 1 a.m.


[User] Please transcribe this text

[Assistant] She's pretty sure that she wants to live on her own.


[User] Please transcribe this text

[Assistant] She's pretty sure that he should go to the hospital.


[User] Please transcribe this text

[Assistant] She's pretty sure that he should go to the hospital.


[User] Please transcribe this text

[Assistant] She's pretty sure that they are still holding a grudge.


[User] Please transcribe this text

[Assistant] She's pretty sure that they are still holding a grudge.


[User] Please transcribe this text

[Assistant] She's pretty sure that they are still holding a grudge.


[User] Please transcribe this text

[Assistant] For some reason, I just don't like the guy very much.


[User] Please transcribe this text

[Assistant] For some reason, I just don't like the guy very much.


[User] Please transcribe this text

[Assistant] For some reason, I just don't like the guy very much.


[User] Please transcribe this text

[Assistant] For some reason, I just don't want to work there.


[User] Please transcribe this text

[Assistant] For some reason, I just don't think it's a good idea.


[User] Please transcribe this text

[Assistant] For some reason, I just don't think it's a good idea.


[User] Please transcribe this text

[Assistant] For some reason, I just don't think it's a good idea.


[User] Please transcribe this text

[Assistant] For some reason, I just don't want to make an effort with him.


[User] Please transcribe this text

[Assistant] For some reason, I just don't want to make an effort with him.


[User] Please transcribe this text

[Assistant] For some reason, I just don't want to make an effort with him.


[User] Please transcribe this text

[Assistant] For some reason, I just don't have an interest in her.


[User] Please transcribe this text

[Assistant] For some reason, I just don't have an interest in her.


[User] Please transcribe this text

[Assistant] For some reason, I just don't have an interest in her.


[User] Please transcribe this text

[Assistant] For some reason, I just don't believe what he is saying.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to join us or not.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to join us or not.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to take the offer.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to take the offer.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to break off the deal.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to break off the deal.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to break off the deal.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to stay an extra night.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to stay an extra night.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to stay an extra night.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to get in touch with her.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to get in touch with her.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to get in touch with her.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to change your mind.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to change your mind.


[User] Please transcribe this text

[Assistant] It's entirely up to you if you want to change your mind.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you keep walking this slowly.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you keep walking this slowly.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you keep walking this slowly.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you watch that movie now.


[User] Please transcribe this text

[Assistant] You'll never make The Last Train if you watch that movie now.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you watch that movie now.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you don't ask for the check soon.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you don't ask for the check soon.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you don't ask for the check soon.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you wait for her.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you wait for her.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you wait for her.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you don't run for it.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you don't run for it.


[User] Please transcribe this text

[Assistant] You'll never make the last train if you don't run for it.


[User] Please transcribe this text

[Assistant] How did you know that they were hiring for that position?


[User] Please transcribe this text

[Assistant] How did you know that they are hiring for that position?


[User] Please transcribe this text

[Assistant] How did you know that they were closed this afternoon?


[User] Please transcribe this text

[Assistant] How did you know that they weren't happy with this choice?


[User] Please transcribe this text

[Assistant] How did you know that they weren't happy with this choice?


[User] Please transcribe this text

[Assistant] How did you know that they weren't happy with this choice?


[User] Please transcribe this text

[Assistant] It's time for me to stop messing around.


[User] Please transcribe this text

[Assistant] It's time for me to stop messing around.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from going after your dreams.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from going after your dreams.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from going after your dreams.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from leaving if you want to.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from leaving if you want to.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from leaving if you want to.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from having a good time.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from having a good time.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from having a good time.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from listening to your heart.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from listening to your heart.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from listening to your heart.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from wearing what you want. Nobody's stopping you from wearing what you want.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from making friends.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from making friends.


[User] Please transcribe this text

[Assistant] Nobody's stopping you from making friends.


[User] Please transcribe this text

[Assistant] At the moment, I'm happy to continue as things are.


[User] Please transcribe this text

[Assistant] At the moment, I'm happy to continue as things are.


[User] Please transcribe this text

[Assistant] At the moment, I'm happy to continue as things are.


[User] Please transcribe this text

[Assistant] No matter how much I try, he's still.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still gets on my nerves.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still gets on my nerves.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still gets on my nerves.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still isn't pleased with my work.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still isn't pleased with my work.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still isn't pleased with my work.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still gives me attitude.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still gives me attitude.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still gives me attitude.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still acts like I am doing something wrong.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still acts like I am doing something wrong.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still acts like I am doing something wrong.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still laughs at me.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still laughs at me.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still laughs at me.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still treats me like I'm a child.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still treats me like I'm a child.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still treats me like I'm a child.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still doesn't take me seriously.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still doesn't take me seriously.


[User] Please transcribe this text

[Assistant] No matter how much I try, he still doesn't take me seriously.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to find a decent hotel in this area.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to find a decent hotel in this area.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to find a decent hotel in this area.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to make friends at this age.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to make friends at this age.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to make friends at this age.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to impress someone you like.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to impress someone you like.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to impress someone you like.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to make a simple breakfast.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to make a simple breakfast.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to make a simple breakfast.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to keep a kitchen clean.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to keep a kitchen clean.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to keep a kitchen clean.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to apologize when you've done something wrong.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to apologize when you've done something wrong.


[User] Please transcribe this text

[Assistant] It shouldn't be that hard to apologize when you've done something wrong.


[User] Please transcribe this text

[Assistant] For many years I wondered if I'd ever see you again. Did you get the true scriptures?


[User] Please transcribe this text

[Assistant] You will always be remembered as the brave monk who traveled to the west.


[User] Please transcribe this text

[Assistant] Four years ago, here at TED, I announced Planets Mission 1 to launch a fleet of satellites that would image the entire Earth every day and to democratize access to it.


[User] Please transcribe this text

[Assistant] The problem we were trying to solve was simple. Satellite imagery you find online is old, typically years old, yet human activity was happening on days and weeks and months, and you can't fix what you can't see. We wanted to give people the tools to see that change and take action.


[User] Please transcribe this text

[Assistant] The beautiful blue marble image taken by the Apollo 17 astronauts in 1972 had helped humanity become aware that we're on a fragile planet and we wanted to take it to the next level to give people the tools to take action to take care of it. Well,


[User] Please transcribe this text

[Assistant] After many Apollo projects of our own, launching the largest fleet of satellites in human history, we've reached our target.


[User] Please transcribe this text

[Assistant] Today, planet images the entire Earth, every single day. Mission accomplished.


[User] Please transcribe this text

[Assistant] And we now have over 200 satellites in orbit, downlinking their data to 31 ground stations we've built around the planet.


[User] Please transcribe this text

[Assistant] In total, we get 1.5 million 29-megapixel images of the Earth down each day. And on any one location on the Earth's surface, we now have, on average, more than 500 images. A deep stack of data documenting immense change. And lots of people are using this imagery.


[User] Please transcribe this text

[Assistant] Agricultural companies are using it to improve farmers' crop yields. Consumer mapping companies are using it to improve the maps you find online. Governments are using it for border security or helping with disaster response after floods and fires and earthquakes.


[User] Please transcribe this text

[Assistant] And lots of NGOs are using it, so for tracking and stopping deforestation.


[User] Please transcribe this text

[Assistant] Helping to find the refugees fleeing Myanmar, or to track all the activities in the ongoing crisis in Syria, holding all sides accountable.


[User] Please transcribe this text

[Assistant] And today, I'm pleased to announce Planet Stories. Anyone can go online to planet.com, open an account and see all of our imagery online.


[User] Please transcribe this text

[Assistant] It's a bit like Google Earth, except it's up-to-date imagery, and you can see back through time.


[User] Please transcribe this text

[Assistant] You can compare any two days and see the dramatic changes that happen around our planet.


[User] Please transcribe this text

[Assistant] Or you can create a time lapse through the 500 images that we have.


[User] Please transcribe this text

[Assistant] We initially created this tool for news journalists who wanted to get unbiased information about world events. But now we've opened it up for anyone to use for non-profit or personal uses. And we hope it will give people the tools to find and see the changes on the planet and take action.


[User] Please transcribe this text

[Assistant] Okay, so humanity now has this database of information about the planet changing over time. What's our next mission? What's mission two? In short, it's space plus AI.


[User] Please transcribe this text

[Assistant] What we're doing with artificial intelligence is finding the objects in all the satellite images. The same AI tools that are used to find cats in videos online can also be used to find information on our pictures. So imagine if you could say, this is a ship, this is a tree, this is a car, this is a road, this is a building, this is a truck.


[User] Please transcribe this text

[Assistant] And if you could do that for all of the millions of images coming down per day, then you basically create a database of all the sizable objects on the planet every day. And that database is searchable. So that's exactly what we're doing.


[User] Please transcribe this text

[Assistant] Here's a prototype working on our API. This is Beijing. So imagine if we wanted to count the planes in the airport. We select the airport.


[User] Please transcribe this text

[Assistant] And it finds the planes in today's image and finds the planes in the whole stack of images before it.


[User] Please transcribe this text

[Assistant] And then outputs this graph of all the planes in a Beijing airport over time. Of course, you could do this for all the airports around the world.


[User] Please transcribe this text

[Assistant] And let's look here in the port of Vancouver. So they would do the same, but this time we'll look for vessels. So we zoom in on Vancouver, we select the area, and we search for ships, and it outputs where all the ships are. Now imagine how useful this would be to people in coast guards who are trying to track and stop illegal fishing.


[User] Please transcribe this text

[Assistant] See, legal fishing vessels transmit their locations using AIS beacons, but we frequently find ships that are not doing that. The pictures don't lie.


[User] Please transcribe this text

[Assistant] And so coast guards could use that, could go and find those illegal fishing vessels. And soon we'll add not just ships and planes, but all the other objects, and we can output data feeds of those locations of all these objects over time that could be integrated into different people's workflows.


[User] Please transcribe this text

[Assistant] In time, we could get more sophisticated browsers that people pull in from different sources. But ultimately, I can imagine us abstracting out the imagery entirely


[User] Please transcribe this text

[Assistant] And just having a queryable interface to the earth. Imagine if we could just ask, hey, how many houses are there in Pakistan? Give me a plot of that versus time. How many trees are there in the Amazon, and can you tell me the locations of the trees that have been fell between this week and last week?


[User] Please transcribe this text

[Assistant] Wouldn't that be great? Well, that's what we're trying to go towards, and we call it queryable Earth. So planet's mission one was to image the whole planet every day and make it accessible. Planet's mission two is to index all the objects on the planet over time and make it queryable. Let me leave you with an analogy.


[User] Please transcribe this text

[Assistant] Google indexed what's on the internet and made it searchable.


[User] Please transcribe this text

[Assistant] Well, we're indexing what's on the earth and making it searchable. Thank you very much.


[User] Please transcribe this text

[Assistant] No. I'm in. Alright, Ramessy. So, we race our chariots down the edge of the cliff.


[User] Please transcribe this text

[Assistant] And around the marketplace. No, through the marketplace, that's faster. Alright, through the market and... the temple of... BATAR!


[User] Please transcribe this text

[Assistant] Precisely, you didn't think. Again. Father, it was entirely my idea.


[User] Please transcribe this text

[Assistant] I won't leave the faintest mark.


[User] Please transcribe this text

[Assistant] And the next we vanish, vanish in the blink of an eye beside.


[User] Please transcribe this text

[Assistant] You took her. Me, no. She ran in here, I tried to stop her.


[User] Please transcribe this text

[Assistant] What are you talking about? There's no royal blood in my veins. I was born a Hebrew.


[User] Please transcribe this text

[Assistant] Well, too bad! They're not getting any water here!


[User] Please transcribe this text

[Assistant] That's even worse. Your people caused all the trouble with the Pharaoh because you're too proud and stubborn to bend your knee.


[User] Please transcribe this text

[Assistant] Thank you, high priest. Oh no, no, no, please, please. You must call me Jethro.


[User] Please transcribe this text

[Assistant] Please don't, I've done nothing in my life.


[User] Please transcribe this text

[Assistant] Would you ever have imagined we'd be here like this? Ever nearing the inevitable day we kiss.


[User] Please transcribe this text

[Assistant] What is the name you give your son? Seti the second.


[User] Please transcribe this text

[Assistant] It was a long time ago. Rameshita Pora is my wife.


[User] Please transcribe this text

[Assistant] Ramesses, perhaps we should go somewhere and talk. Just the two of us. That's a good idea.


[User] Please transcribe this text

[Assistant] I still remember every twist and turn inside the palace. Ah, except you're going the wrong way. Oh right.


[User] Please transcribe this text

[Assistant] I want you to free all the Hebrews and don't pretend to be naive. And don't you pretend to be insane. It's impossible and you know it!


[User] Please transcribe this text

[Assistant] You're saying every change I've made I must reverse. Yes. My wife would kill me.


[User] Please transcribe this text

[Assistant] Do you mean it?


[User] Please transcribe this text

[Assistant] Now there's only one thing that we can do.


[User] Please transcribe this text

[Assistant] You will not give me orders. You!


[User] Please transcribe this text

[Assistant] Who had no part in any of this? Why is this necessary? Is this the only way?


[User] Please transcribe this text

[Assistant] I see no answer to for the rest of my life. How will I get through?


[User] Please transcribe this text

[Assistant] Remember your father, he understood this. I do almost nothing else these days but to remember my father. You should remember your first born.


[User] Please transcribe this text

[Assistant] Aaron, Miriam, lead the Hebrews across to the other side. I'll be the last through.


[User] Please transcribe this text

[Assistant] There's one final thing I must do in Egypt. Perhaps you should go.


[User] Please transcribe this text

[Assistant] You think I'm yours in your command and your control. You bid me dance for your pleasure and your glee. And I could stand here stubbornly. But no.


[User] Please transcribe this text

[Assistant] To your african kingdom which you cannot understand Someday we'll crumble back to sand And then I will dance Or if that day I don't live to see


[User] Please transcribe this text

[Assistant] Have you ever imagined I'd be here like this? In the afterglow of finally reaching our first kiss? And if I were asked how soon I think this feeling disappears? Never in a million years.


[User] Please transcribe this text

[Assistant] So this journey was rugged and long and probably unwise. You can truly say, even if it goes wrong, you looked through heaven's eyes. Help them to look through heaven's eyes.


[User] Please transcribe this text

[Assistant] You made a choice. An impossible choice. No one can ever know what it has cost you.


[User] Please transcribe this text

[Assistant] Believe this type of fear when prayer so often proved in vain. Hope seemed like the sum of


[User] Please transcribe this text

[Assistant] Though we know full well this choice is not without its tears Never in a million years, my love.


[User] Please transcribe this text

[Assistant] And, uh, as such, it was kind of the inspiration for my career and a lot of my life. So important book, you know, bear in mind, this is sort of after the great depression.


[User] Please transcribe this text

[Assistant] People lost confidence investing in markets, World War II, and then he writes this book. It's for like the average man. And basically he says that you have to understand the difference between price and value, right? Price is what you pay. Value is what you get. And he said the stock market is here to serve you.


[User] Please transcribe this text

[Assistant] Right. And it's a bit like the neighbor that comes by every day and makes you an offer for your house. Makes you a stupid offer. You ignore it.


[User] Please transcribe this text

[Assistant] Uh, makes you a great offer you can take it and that's the stock market and the key is to figure out what something's worth and you have to kind of weigh it.


[User] Please transcribe this text

[Assistant] He talked about the difference between, you know, he said the stock market in the short term is a voting machine. It represents speculative interests, you know, supply and demand of people, uh, in the short term. But in the long term, the stock market is a weighing machine.


[User] Please transcribe this text

[Assistant] Much more accurate. It's going to tell you what something's worth. And so if you can define what something's worth, then you can really take advantage of the market because it's really here to help you.


[User] Please transcribe this text

[Assistant] Speculation is just, it's a bit like buying, trading, uh, crypto, right? Strong words. Well, uh, short-term trading crypto. Maybe in the long run there's intrinsic value, but, uh, the,


[User] Please transcribe this text

[Assistant] You know, it's, uh, many investors, you know, in a bubble going into the, you know, the crash, uh, were really just pure speculators. They didn't know what things were worth. They just knew they were going up, right? That's speculation.


[User] Please transcribe this text

[Assistant] And investing, uh, is, you know, doing your homework, uh, digging down, understanding a business, understanding the competitive dynamics of an industry, understanding what management is going to do, understanding what price you're going to pay, you know, the value of anything, I would say,


[User] Please transcribe this text

[Assistant] Other than love, let's say, uh, is the present value of the cash you can take out of it over its life. Now some people think about love that way, but it's not.


[User] Please transcribe this text

[Assistant] It's not the right way to think about love, but it's uhm, yeaah, so investing is about basically building a,


[User] Please transcribe this text

[Assistant] A model of what this business is going to produce over its lifetime.


[User] Please transcribe this text

[Assistant] The value of a security the value is the present value the cash you can take out of it over its life to think about a bond your bond pays a five percent coupon interest rate you get that every year twice a year split in half.


[User] Please transcribe this text

[Assistant] It's very predictable and if it's a us government on you know you're gonna get it so it's a pretty easy thing to value.


[User] Please transcribe this text

[Assistant] A stock is an interest in a business. It's like owning a piece of a company.


[User] Please transcribe this text

[Assistant] The difference with a stock and a bond is that, uh, the bond, it's a contract. You know what you're going to get as long as they don't go bankrupt and default.


[User] Please transcribe this text

[Assistant] What the stock have to make predictions about the business you know how many widgets are gonna sell this year how many can sell next year what are the cost gonna be how much of the money to generate do i need to reinvest in the business to keep the business going and that's more complicated.


[User] Please transcribe this text

[Assistant] What we do is we try to find businesses with a very high degree of confidence. We know what those cash flows are going to be for a very long time.


[User] Please transcribe this text

[Assistant] The consumer has a view on different brands and different companies.


[User] Please transcribe this text

[Assistant] And you know what we look for are sort of these non-disruptible businesses. A business where you can kind of close your eyes.


[User] Please transcribe this text

[Assistant] Stock market shots for a decade and you know the ten years from now it's gonna be more valuable more profitable company so we own a business called universal music group.


[User] Please transcribe this text

[Assistant] Uh, it's in the business of helping artists become global artists, uh, sort of recorded music business, uh, and it's in the business of, you know, owning rights, uh, to each of the music publishing rights of songwriters.


[User] Please transcribe this text

[Assistant] And you know, I think music is forever, right? Music is a many thousand year old, uh, human, part of the human experience. And I think it will be, you know, thousands of years from now.


[User] Please transcribe this text

[Assistant] And so that's a pretty good backdrop to invest, uh, in a company and the company basically owns a third of the global recorded music. And that's, you know, the most dominant sort of market share in the business. They're the best at taking an artist who's 18 years old, who's got a great voice and.


[User] Please transcribe this text

[Assistant] Has started to get a presence on uh, YouTube and uh, Instagram and helping that artist become a superstar. And that's a unique.


[User] Please transcribe this text

[Assistant] And then if you think about uhm, what music has become, it used to be about records and CDs and, you know, 8-track tapes for those of whom, and it was about a new format and that's how they drive sales. And it's become a business which is like the podcast business about streaming. And you can, streaming is a lot more predictable than selling records, right? You can sort of say, okay,


[User] Please transcribe this text

[Assistant] How many people have smartphones? How many people are going to have smartphones next year? There's a kind of global penetration or time of smartphones. You pay call it 10, 11 bucks a month for a subscription or last for a family plan.


[User] Please transcribe this text

[Assistant] And you can kind of build a model of what the world looks like and predict, you know, the growth of the streaming business, predict what kind of market share Universal is going to have over time. And you can't get to a precise view of value.


[User] Please transcribe this text

[Assistant] You can get to an approximation. And the key is to buy at a price that represents a big discount to that approximation. And that gets back to Ben Graham. Ben Graham was about what he called, uh, invented this concept of margin of safety.


[User] Please transcribe this text

[Assistant] Right, you want to buy a company at a price that if you're wrong about what you think it's worth, and it turns out to be worth 30% less, you paid a deep enough discount to your estimate that you're still okay. It's about investing. A big part of investing is not losing money. If you can avoid losing money and then have a few great hits,


[User] Please transcribe this text

[Assistant] Sure, and they've had to surf a lot of waves, and actually the music business peaked the last time in like the late 90s or 2000 timeframe, and then really innovation, Napster, digitization of music almost killed the industry.


[User] Please transcribe this text

[Assistant] And Universal really led an effort to save the industry and actually made an early deal with, uh, Spotify that enabled, you know, the, uh, the industry to really recover. And so by virtue of their market position and their credibility and their willingness to kind of adopt new technologies, they've kept their position. Now they of course had this huge advantage.


[User] Please transcribe this text

[Assistant] Uhm, so they had a, a nice base of, of assets that were important and I think will forever be, and forever is a long time, but, you know, the,


[User] Please transcribe this text

[Assistant] Again, there's enormous, there are all kinds of risks in every business. This is one that I think has a very high degree of persistence and I can't envision a world where beyond streaming in a sense. Now you may have a neural link chip in your head that instead of a phone.


[User] Please transcribe this text

[Assistant] But the music can come in a digitized, you know, kind of format. You're going to want to have an infinite library that you can walk around in your pocket or in your brain.


[User] Please transcribe this text

[Assistant] It's not going to matter that much if the form factor, you know, the device changes. Uhm, it's not really that important, whether it's Spotify or Apple or Amazon, uh, that are the so-called, uh, DSPs or the, or the providers. Uh, I think the values really


[User] Please transcribe this text

[Assistant] Can I reside in the in the content owners and that's really the artists and the label.


[User] Please transcribe this text

[Assistant] If you think about it, there's other lots of other technologies, uh, and computers that have been used to generate music over time.


[User] Please transcribe this text

[Assistant] But no one wants to, no one falls in love with a computer generated track, right? Uhm, and, you know, Taylor Swift, you know, incredible music, but it's also about the artist and her story and her physical presence and, you know, the, uh, the live experience.


[User] Please transcribe this text

[Assistant] I don't think you're gonna sit there, uh, and someone's gonna put a computer up on stage and then, and it's gonna play and people are gonna get excited around it. So I think AI is really gonna be a tool.


[User] Please transcribe this text

[Assistant] Uh, really created the opportunity for one man to have an orchestra.


[User] Please transcribe this text

[Assistant] Maybe a bit of a threat to a percussionist, uhm, but maybe not. Maybe it drove even more demand for the live experience.


[User] Please transcribe this text

[Assistant] There's sort of name and likeness rights that have to be protected. Now, can a name be attributed to a Tesla robot? I don't know.


[User] Please transcribe this text

[Assistant] I think so. I think it's quite obvious to me. Okay, so those are more potential artists for us to represent at Universal. Exactly, exactly. Alright, that's sort of one example. Another example could be just, you know, the restaurant industry, right? If you can look at businesses like McDonald's, right? It's a, whatever, the company's like a 1950 vintage business and here we are, it's, you know, 75 years later. And, uh,


[User] Please transcribe this text

[Assistant] You can kind of predict what it's going to look like over time and the menu is going to adjust over time to consumer tastes and I think the hamburger and fries probably forever.


[User] Please transcribe this text

[Assistant] Bowl or burrito? Uhm, I like the burrito, but I generally try to order the bowl. Cut the carbs apart.


[User] Please transcribe this text

[Assistant] It's all of the above. So Chipotle, what attracted us initially is the stock price dropped by about 50%. Uh, great company, great concept. Um, athletes love it. Consumers love it. Healthy, sustainable, uh, fresh food made in front of your eyes. And, uh, you know, great Steve Ells, the founder did an amazing job.


[User] Please transcribe this text

[Assistant] But ultimately the company's lacking some of the systems and had a food safety issue. Consumers got sick, almost killed their rent.


[User] Please transcribe this text

[Assistant] Uh, but the reality of the fast food quick service industry is almost every fast food company has had a food safety issue over time and the vast majority have survived. Uh, and we said, look, such a great concept.


[User] Please transcribe this text

[Assistant] But they, you know, their approach was not as far from ideal, but we start with usually reading the SEC filing. So companies file a 10K or an annual report and they file these quarterly reports called 10Qs.


[User] Please transcribe this text

[Assistant] They have a proxy statement which describes kind of the governance, the board structure, um, conference call transcripts are publicly available. It's kind of very helpful to go back five years and kind of learn the story. You know, here's our management.


[User] Please transcribe this text

[Assistant] Describes their business. Here's what they say they're going to do and you can follow along to see what they do. Uh, it's like a historical record of, you know.


[User] Please transcribe this text

[Assistant] Of how competent and uh, truthful they are, you know, it's a very useful device. And then of course, looking at competitors, uh, and thinking about, you know, who could, what could dislodge this company?


[User] Please transcribe this text

[Assistant] And then we'll talk to, if it's an industry we don't know well, we know the restaurant industry really well. Music industry, we'll talk to people in the industry. We'll try to understand.


[User] Please transcribe this text

[Assistant] You know the difference between publishing and recorded music, we'll look at the competitors, uhm, we'll talk to, we'll read books, I read a book about the music industry or a couple books about the industry, uhm,


[User] Please transcribe this text

[Assistant] So it's, it's a bit like a big research project, uh, and there are these so-called expert networks now. And you can get pretty much anyone on the phone.


[User] Please transcribe this text

[Assistant] Uh, and they'll talk to you about an aspect of the industry that you don't understand and want to learn more about. Uh, try to get a sense, you know, public filings of companies generally give you a lot of information, but not everything you want to know.


[User] Please transcribe this text

[Assistant] And you can learn more by talking to experts about some of the industry dynamics, the personalities. You want to get a sense of management. I like watching.


[User] Please transcribe this text

[Assistant] Short of the kind of business everyone should be looking for, right? A great business. It's got a long-term trajectory.


[User] Please transcribe this text

[Assistant] You want businesses you can easily understand. You want businesses with these sort of huge barriers to entry where it's difficult for others to compete. You want companies that don't have to constantly raise capital. Uhm, and these are some of the great businesses of the world. But people figured out that those are the great businesses. So the problem is those companies tend to have very high stock prices and the value is generally built into the price you have to pay for the business.


[User] Please transcribe this text

[Assistant] We can't earn the kind of returns we want to earn for investors by paying a really high price. Price matters a lot. You can buy the best business in the world and if you overpay, you're not going to earn particularly attractive returns.


[User] Please transcribe this text

[Assistant] We get involved in cases where a great business has kind of made a big mistake or even a company that's kind of lost its way, but it's recoverable. And that's, we buy from shareholders who are disappointed, who've lost confidence.


[User] Please transcribe this text

[Assistant] Selling at a low price relative to what it's worth if fixed and then we try to be helpful in fixing the company.


[User] Please transcribe this text

[Assistant] The most difficult analysis to do as an investor is that. It's kind of figuring out how wide is the moat.


[User] Please transcribe this text

[Assistant] And we're in, I would say, a period, the greatest period of disruptability in history, right? Technology.


[User] Please transcribe this text

[Assistant] You know, a couple of 19 year olds can, you know, leave whatever university or maybe they didn't go in the first place. Uh, they can raise, you know, millions of dollars. Uh, they can get access to infinite bandwidth storage. Uh, they can contract with, uh, engineers in low cost markets around the world.


[User] Please transcribe this text

[Assistant] They could build a virtual company and they can disrupt businesses that seem super established over time. And then on top of that, you have major companies with multi-trillion dollar market caps working to find profits wherever they can. And so that's a dangerous world in a way to be an investor. And so you wanna, you have to find businesses that


[User] Please transcribe this text

[Assistant] It's hard to foresee a world in which they get disrupted in the beauty of the restaurant business and we actually are best track records in restaurants. We've never lost money. Uh, we've only made a fortune, interestingly, investing restaurants. A big part of it's a really simple business.


[User] Please transcribe this text

[Assistant] And if you get your politely right and you're at a hundred stores.


[User] Please transcribe this text

[Assistant] You know, it's not so hard to envision getting to 200 stores and then getting to 500 stores. And the key is maintaining the brand image, growing intelligently, having the right systems. Uh, you know, when you go from a hundred stores to 3,500 stores, you have to know what you're doing. There's a lot of complexity.


[User] Please transcribe this text

[Assistant] You know, if you think about your local restaurant, uh, you know, the families working in the business, they're, they're watching the cash register.


[User] Please transcribe this text

[Assistant] And you can probably open another restaurant, you know, across town.


[User] Please transcribe this text

[Assistant] That uh, a stranger who doesn't know the restaurant industry can come in and enter the business and build a successful.


[User] Please transcribe this text

[Assistant] Uh, successful franchise. Now Chipotle is not a franchise company. They actually own all their own stores, but many of the most successful restaurant companies are franchise models, like a Burger King, a McDonald's, Tim Hortons, you know, all these various brands, Popeyes. And there it's about systems, but the same systems apply whether you own all the stores and it's run by a big corporation or whether the


[User] Please transcribe this text

[Assistant] Mode is you get to a certain scale and you do it successfully and the brands is now in the, in the understood by the consumer. And what's interesting about Chipotle is what they've achieved is difficult, right? They're not buying frozen hamburgers getting shipped in. They're buying fresh.


[User] Please transcribe this text

[Assistant] Uh, and eat really health, you know, healthfully and very high quality ingredients. And that's just not available anywhere else. And it's very hard to replicate and to build those relationships with.


[User] Please transcribe this text

[Assistant] You know, farmers around the country. It's a lot easier to make a deal with one of the big


[User] Please transcribe this text

[Assistant] We own a company called Restaurant Brands. Restaurant Brands owns a number of quick service companies, one of which is Burger King.


[User] Please transcribe this text

[Assistant] Okay, we should maybe, we'll have Burger King feature in it. What about Flame World? What's with these fried burgers? We gotta get you to Burger King, you know, grilled burgers.


[User] Please transcribe this text

[Assistant] Sure, so it's a business we've admired as a firm for, you know, whatever 15 years, but rarely got to a price that we felt we could own it because again the expectations were so high and price really matters.


[User] Please transcribe this text

[Assistant] Really the sort of AI scare I would call it, you know, Microsoft comes out with chat GPT. They do an amazing demonstration. People like this most incredible product.


[User] Please transcribe this text

[Assistant] And Google, which had been working on AI even earlier, obviously the Microsoft, Microsoft was behind in AI. That was really their chat GPT deal that gave them a kind of a market presence. Uhm.


[User] Please transcribe this text

[Assistant] And then Google does this fairly disastrous, uh, demonstration of Bard. And the world says, oh my God, Google's fallen behind in AI, AI is the future, stock gets crushed. Google gets to a price around 15 times earnings, uh, which for a business of this quality is an extremely, extremely low price. And our view on Google, one way to think about it, when a business becomes a verb,


[User] Please transcribe this text

[Assistant] Google advertising search YouTube franchise is one of the most dominant franchises in the world.


[User] Please transcribe this text

[Assistant] Very difficult to disrupt, uh, extremely profitable. Uh, the world is moving from offline advertising to online advertising and that trend I think continues. Why? Because you can actually see with your ads work. You know, they used to say about advertising, you know,


[User] Please transcribe this text

[Assistant] Uh, spend a fortune and you just don't know which 50% of its works, but you just sort of spend the money cause you know.


[User] Please transcribe this text

[Assistant] Ultimately that's going to bring in the customer. And now with online advertising, you can see with granularity.


[User] Please transcribe this text

[Assistant] Which dollars I'm spending, you know, when people click on the search term and end up buying something and I pay.


[User] Please transcribe this text

[Assistant] It's a very high return on investment for the advertiser and they really dominate that business. Now AI of course is a risk.


[User] Please transcribe this text

[Assistant] If all of a sudden people start searching or asking questions of ChatGPT and don't start with the Google search bar, that's a risk to the company. And so our view based on work we had done and talked to industry experts is that Google, if anything, had a, uh, by virtue of the, the investment they've made, the time, the energy that people put into it.


[User] Please transcribe this text

[Assistant] And because Google, you know, is a big company, uh, global business, regulators, uh, scrutinize it incredibly carefully. They couldn't take some of the same liberties. A startup like OpenAI did in releasing a product. And I think Google took a more cautious approach in releasing an early version of BARD in terms of its capabilities.


[User] Please transcribe this text

[Assistant] And that let them mark the world to believe that they were behind. And we ultimately concluded if any they're tied or ahead.