 Good evening everybody. Good evening traders, investors and everyone attending the second webinar in the future series with Tick Mill. I want to welcome everybody. I hope everybody's had a good week since our last webinar last week. Today we're going to be touching up on how the futures are used in the capital markets, but just to give some newcomers that weren't able to join last week a little brief on myself. My name is Ali Hamedi. I am a consultant working with Tick Mill regarding the webinar series for futures and how they're used. And at the same time, I have been in the markets for 18 years. I've worked with Merrill Lynch on Wall Street, private investment banks and other financial firms. And I'm bringing my experience and knowledge and helping educate and the listeners understand and have a better understanding of what futures are and how they can be used to help them within their portfolios and their strategies moving forward. That being said, the title of today's webinar. As I mentioned last week. I don't like to necessarily read straight off of what each one of the slides are I like to explain I like to discuss I like to get in detail conversationally. I like to keep it informal and keep it conversational. In retrospective, how futures are used as a recap from last week, they are a derivative futures, basically obligate a buyer and or a seller to to sell or buy that predetermined asset at a future date at a predetermined price. In the future. In most cases, particularly with Tick Mill, these are settled on a cast settlement basis not on a physical delivery basis. Getting into what we're discussing tonight. We're going to be discussing how they're used in the capital markets specifically from a hedging perspective, and from a speculation perspective. By definition, what hedging is hedging is against investment risk, meaning strategically using financial instruments or market strategies to offset the risk of any adverse price movements under the for the underlying asset. Investors hedge one investment by making a trade and another when it comes to speculation speculation is a trading strategy that often involves very quick pace buying and selling. And it's based on hunches, educational guesses and or theories on price moves as opposed to fundamentals about the financial asset or the investment or the underlying investment. As such the timing of entry and exit is very crucial and designed to achieve fast profits and speculation involves a significant amount of risk. Now, getting the definitions out of the way. I want to jump straight into one of the hottest topics that's taking place in the markets, currently at the moment right now, and that is with crude oil based on the geopolitically and the sea of pain, Russia, or Ukraine. It's turned into a global geopolitical platform that nobody really knows how it's going to turn out how long it's going to last, and what the ramifications are will be for either party, or either country, either, let's say, alliance at the end of the day. Now, what I've done here is taken a screenshot from yesterday's price from trading view of what crude oils spot price, spot price was, let me see if I can magnify this for you so that we can give you a better view of the screen. One second here. Apologies. With the screen it's not working. Anyway, to get to give you a better example. If you're able on your screen to enlarge what I want to focus in on here is this is the spot price to where crude was trading yesterday the current crude prices trading at 127 60 it's up eight points today, as I'm speaking right now. If you look at the graph at the beginning. That has been the traditional trading range between 60 to $80. And then as you see the uptrend start to take place. You see the increase in the geopolitical tension with the increase of the geopolitical tension. You see investors you see institutional corporations and institutional investors, starting to take positions include oil, due to the increase in price and then you can see, obviously the spike, the definitive spike in March, once the actual crisis took place. Now, when this happened, you see a huge price fluctuation and how we're able to use this within the futures market. I'm going to give you an example on this is a snapshot of from trading view, what a may 2022 contract futures contract costs. It was trading at 118 at the time, I took the snapshot yesterday, oil was trading around 122 123 and the May futures contract is trading at $118. And if I take you to the next slide. You're going to see the December 2022 crude oil from trading view for trade 2022 December futures contract trading around $97 98. What do these mean. Obviously, with the spot price trading at in the range that it's at now between 122 to 127 today's current price. Yesterday at this particular time of this particular snapshot. One would have been able to engage in a may, which means it expires in the third Friday of May at 122. Sorry, at $118 and change. That's saying that by the time this contract expires cash settlement would be determined, whether profit or lost on the investor side in their portfolio depending on the price of oil. By the time the expiry comes in the third by the third Friday in May. What is your price discrepancy. Why is maze price 118 when the December contract is 97 and the current prices trading above both of those prices. For example, you're talking about speculation, and you're talking about time value of money, and you're talking about the uncertainty of what's taking place within this particular commodity. Before to take the December 2022 contract that ends expiry third Friday of December at $97, and you take into effect what analyst what the what Wall Street is saying what a specific oil analyst across the globe are saying what oil oil could reach I just read a report earlier this morning that Goldman Sachs is saying their price target for crude is 135 I've seen targets as high as 150 I even saw one as crude oil, possibly even reaching $200 by the end of the year. What I know means is an investment advice. This is not advice to tell you where food is moving. This is pure. Let's say information and data that's coming across all spectrums within the financial markets that I come across and do my due diligence on. This provides a prime opportunity to get involved with tick mill to get involved in futures specifically so that you can understand how you can profit from them one, but to understand how to use them in order to profit from them. So, this is going to go back to you as an investor. This is going to go back to you as to what you're doing within your particular portfolio. This is also available across the spectrum of indices within the S&P 500 within gold, within other commodities as well I'm just using crude oil, due to its flashpoint due to its hot topic of the day, if you will, due to what's happening in the current events. Now, how do businesses and corporations to protect themselves businesses and corporations use futures from a hedging perspective, meaning, if a particular company or corporation on any particular underlying asset needs to deliver. Okay, that means they have to give they have to provide this specific commodity at a specific to a specific customer, and they want to lock in a price due to the volatility. In the future's market and they'll find the contract that suits their price based on their own analytics their own due diligence and find the contract that best suits the price for their cost benefit analysis, and they will engage in this particular futures contract to lock in that price in that particular contract. And what this does, regardless of what happens, and the price movement during the course of whether it's one month, two months, six months or more. They know that they have locked in their price, and they also know that they're running the risk that the price could move against them, and at the same time it could move for them, neither here nor there, they're going to provide that particular asset at that particular price. Now this company organization institution, whatever you want to call it, is now able to manage their business, accordingly, knowing that they have locked in a specific price under for that underlying asset. Now, most of the time, it comes out as a net net, they don't get into hedging purposes to make money, sometimes they end up making money on the particular future contract, and sometimes they end up losing money on the particular hedging contract. This is mainly used to lock in a specific price at a future date, knowing that they are able to manage their business accordingly. This is how they use hedging. A very simple sample example, just like I said, if a company called a company X, they know that within six months they have to purchase 20,000 ounces of silver in order to fulfill a specific order. What are they going to do, if assuming that the current price for silver at the time of decision is at $12 per ounce, and a six month contract for silver is at $11 an ounce, they know that by purchasing this particular contract. Once from now, they will be able to fulfill this order at $11 per ounce, regardless of what the price of silver is at that current point in time. If the company decides to not partake in risk management and not partake in the futures market and engage in a futures contract, they still, regardless of time, know that in six months time, they have to deliver 20,000 ounces of silver. If the company decides to not partake in the futures contract, they will have to pay $14 an ounce at that point in time of delivery to fulfill their obligation if they don't have a futures contract in place. If a company has a contract in place, and they have a contract in hand that allows them to purchase it at $11 or obligates them to purchase it at $11 per ounce, thus hedging or risk managing their risk against the market volatility. This graph here is very simple as this particular example with company X regarding silver moving up and down in value. They purchased the contract at $11 deliverable in six months throughout the course of that six months, you're going to see the fluctuation in price. Now, as the price of silver moves up in value, so does the value of the contract. That means if they wanted to close the contract for profitability and engage in a new contract, they can do so. If they're happy with the contract they have in place, they leave it in place, and they let the fluctuation of the price and value of silver throughout the course of that six months, take its course, and then they deliver it at $11 per ounce. Now you can see as the price moves up, the contract becomes more profitable as the price of silver comes down, the value of the contract loses value. And in this particular example, if it ends up at $14 within six months, the contract is profitable, they're still delivering silver at $11 per ounce. Now, for investors, when an investor uses futures contracts as part of their hedging strategy, the goal is to reduce the likelihood that they will experience a loss due to an unfavorable change in the market value of the underlying asset. Usually a security or another financial instrument, meaning a commodity. In this example, it could be silver, oil, naphat, fiatkundahab, fiatkundamah, fiatkundra, fiatkund, any of the commodities. If the security or the financial instrument experiences a lot of volatility, the investor may be more likely to purchase the futures contract. So then it goes back to what's taking place with the overall market, what's taking place within the specific sector that they are involved in. And what's taking place with that particular price volatility in that particular commodity or investment that they are interested in. Now we move into speculation. Speculation is a whole different ballgame. We've now discussed the hedging part or the hedging use of how futures can be used for businesses that have to deliver physical delivery, whether receive and or deliver themselves, how they can manage their business risk, their cost benefit analysis and business strategy. Now, when we flip over to the speculation side, we're talking about individual investors, like myself, maybe some of you as listeners as well, where, how can we use it when we're not even a business and we're not even worried about physical delivery of large sums of whatever commodity we may be engaged in. This is where the cash settlement based on what she was talking about money cash settlement basis. And then again we have the broad spectrum we have indices and we have commodities in a broad range of commodities that we can get engaged in to speculate on. Now, getting back to the hot topic on what's taking place in recent current events. Right now, crude oil is very, very crude oil is very. One second here. There we go. Okay. So crude oil is the hot topic of the day. So let's say someone wants to speculate on crude oil. And I, I gave you an example earlier in the discussion this evening that we have some articles you have some analysts coming from Wall Street, it's going to hit 135 it's going to hit 150 it's going to hit 200. And at the end of the day, from the end of the day. It's impossible. But now as an individual investor and we can go in and we can look at the price. I gave you an example of yesterday's snapshot the cost of a December 2022 crude oil futures contract being at plus or minus $97 knowing that the price of oil. Currently at that point time was trading at 121. If the price of oil continues to increase like it is today, and continues to be volatile but in an upward trend throughout the year, and you were to engage or invest into the December 2022 crude oil contract in the course of the year between now in December, that contract value will only increase. Now here as an investor, you have the ability to decide where you want to pick and choose your profitability rate. Are you happy with the profitability at a specific point in time before the expiry date. Sakura and take the profit off the table, and then take a look at where the market is, and then continue engaging in assessing what other future contracts may be attractive for your specific portfolio. If the market is moved against you in the first few months, you still know that you have until December for the market to do what it does and fluctuate, but just know that at the end of December. Third Friday of December that X that contract expires. And regardless of what the price is at that point in time will this will depend on what the cash settlement basis will be. Yeah. Now, this is a very simple table of the key takeaways when we're talking about hedging and speculation. Understand that futures require a higher degree or higher level of knowledge and information. And understanding before one takes their first step into this particular domain. I'm not trying to scare anybody there is, there's nothing to be scared about as long as you understand how they operate. What they're used for, and how to use them from a hedging perspective, even if you're an individual investor and you're not even a conglomerate a corporation shirkie that is required to either receive or deliver physical goods. You can still hedge your portfolio if you find yourself overweight in a particular, let's say, investment or sector that you're not comfortable in wanting to, let's say shave down you want to hold on to your positions. But due to the volatility, how can you protect yourself and let's come out with let's say a zero some some situation where you keep your positions, and you know you're protected. Then let's look at what hedging can do for you to strategies to protect the investment from future adverse price movement. The objective of hedging is to reduce risk risk for risk averse investors are the ones that are opting for the hedging strategies hedgers protect themselves from this volatility. And you need to know at the end of the day that there could be no or very minimum profit potential. Now, crossing over speculation. It's a completely different ballgame. On it's a strategy that's designed specifically to help you make profit on these assets or these underlying assets. The objective is to make profit. The use of the price movement of the underlying asset is to help you make profit. The investors who love to take these types of risks are the ones that opt into speculative futures contracts. Speculators use this price volatility to make a profit, meaning they don't necessarily hold on to the contract until it's expiry, unless they really really feel that the market is moving and trending in their way all the way through the duration of the contract. Otherwise, they can pick and choose their comfort zone of profitability close out the contract move on to the next reassess where the market is and take another speculative position. The potential for earnings is a mess back to how they operate, which will be coming up in the future webinar on how to calculate the profitability or the valuation of these contracts within the markets. It's a point value. Each point has a value, but this value is different across each different specific investment item or asset class one point in crude oil, the value of that is different than one point for gold. It's also one different for the S&P 500 and it's different for all of the other underlying asset classes as well. We'll be able to go into the valuation of what one point versus one tick, the valuation, how to calculate it, how to look for how to set price targets, how to minimize your risk, even if you're speculating how to minimize your risk when you partake in speculative futures contracts. And I want to end before I take questions and open up the floor for questions and answers from Jeff Bezos. I'm sure many of you have heard who he is he's an American entrepreneur media proprietor investor and computer engineer, most famously known for founding Amazon, he is the executive chairman of Amazon, and basically here's a quote from him given a 10% chance of 100 times the payoff, you should take that bet every time. That's coming from a billionaire. That's coming from someone who's established, but if you take his quote in context, and you understand what the futures markets can offer you as an individual investor, regardless of size, understanding how to use them, understanding market trends. Like I said last week, it's a perfect storm at the moment you have so many, let's say variable elements that are affecting the markets in different ways, aside from the oil crisis that's taking place. We're going to be raising rates according to the Federal Reserve chairman Jerome Powell. This week, probably 25 basis points is what he iterated last week. That's what's the market expecting. They could come in with a 50 basis point rate hike, but the market's pricing in a 25% or 25 basis point, sorry 25 basis point rate hike. But aside from that, the volatility within the stock market itself. I'm inshuf iqtiyash shariqat pulling out of Russia, due to the geopolitical tension. You're seeing a lot of corporations pulling out of Russia, how is that going to affect their business, their business model their business strategies their earnings per share when it comes to their quarterly earnings report that will be coming up. There are a lot of them reporting March and April and so forth. Will it affect them severely will affect them positively. Time will tell. Another one, gold, gold now has crossed over $2,000 gold currently right now as I speak is trading at 2000, according to Yahoo Finance. It's going to be $4046 an ounce. It's crossed the 2000 barrier for the first time in a while. This is another prime example of the volatility that the market is providing, based on many elements, not just one. You should be aware of the overall market view, not just narrowing in and focusing on while crude oil is going up and it's going to continue going up and it's going to make me rich and and not be aware of the surrounding elements that's taking place. Now, with that being said, I want to thank you for listening. I've given you now the two ways how you can use via tick mill the futures from a hedging perspective to protect minimize your risk and minimize minimize possible losses to the speculation perspective of being able to go in and say, you know what hey I think oil is going to go do this or oil gold is going to do this. And you can pick and choose an array of expiry date contracts that are available on the platform and be able to pick and choose the price that you find suitable that you're willing to engage in. You pay that margin, and then you let it play out. Like I said, you need to know what you're doing. This is a little more. I shouldn't say a little more. This is more advanced than the traditional trading of specific assets if it goes up. You make a profit. If it goes down. You lose some money. This is a different ball game. But if you understand how it works and how to intertwine it and weave it in to your overall portfolio, then you will be able to find a positive outcome and a positive use for futures. That being said, I'm opening up the floor now to see if we have any questions, and I can answer what I can. Is there a courting of last week's webinar tick mill will be putting up each of these webinars on their YouTube channel. I don't know exactly when they will be uploading one of the webinars on on their YouTube channel, but they will be doing so on on their YouTube channel each and every single one of the webinars within this series. Any other questions here. Can you provide us the direct YouTube link to your webinar I cannot find it. What, what I can do. This is coming from Jennifer if Jennifer if you could please send me your email address. I will send it to tick mill, and I will have them send you directly the link and all of their social media platform outlets, so that I can have them send it to you thank you I see it now. I will get it to you. I'll make sure that they send it out to you so that you can have access to not only this recording but the one that we started with last week. And then the next time that I will be with you will be within two weeks on March 22. Like I said we'll start getting into the details and the semantics of valuation. Understanding the point value, the tick value of, of, of how fast and how big these contracts can move and swing either way. Let me just one second here. Any other questions here we do have. Here a demo account for the tick mill ladder platform. This if you, this is coming from Christopher Christopher please send me your email address as well. And I'll get them to send you all of the demo accounts they do have demo accounts that are available for everyone to access. Your email address please. While I'm talking to you now, and I will also send that to tick mill so that they can send you all of the demo accounts available for you to pick and choose which one is suitable for which one you want to engage in. See others here. Any other questions. Anybody else out there wanting to send anything specifically or directly to me. Going once going twice. I wish everyone happy trading. Let me see if anyone else came in. Thank you Christopher I got your email. And perfect. I wish everybody happy trading stay focused on what's going on. If you're invested in the markets it's extremely volatile and try to pay attention and and not just be careful but be aware and understand what's what's taking place. I appreciate everybody's attention I appreciate your time this evening it's been a pleasure. Once again my name is Ali Hmedi consultant working directly with tick mill to happen in what's happening within the futures market. Question and Arabic. Let me see here. I'm going to have to translate this one. Hang on one second. If you're able to send me. I apologize. The risk related to hedging. Okay, there we go. Thank you Ali. So, the risks related to hedging. There are risks related to hedging. First of all, you need to understand. Hedge is protection. My net what are you protecting yourself from. You may have an overweight position in a specific fx position or specific gold, silver, other commodity, any other underlying asset, meaning exposure, you have a lot of exposure. So when you have this exposure, and this volatility is hitting the market and you're seeing your portfolio go down in price very quickly, or value go down in value very quickly. You can partake in a futures contract from a hedging perspective, the other side, you take the other side so if you're long a specific commodity or a specific asset. And the volatility is hitting the markets like it is now and this particular asset of yours in your portfolio is losing value it's going down when you're long, and it's going down. You can partake in a futures contract, where you can either buy or sell a futures contract based on a price that is relative to your position within your portfolio, depending on the size of your position that you want to protect. So then, can it be successful. Yes, it can be successful but like I said hedging, if it's done properly, it's not done to make immense profits. It's done with minimal to zero profit, but it's also done to protect to the position, the core position that you want to protect that you don't want to let go of because it may be losing. Or it could be the flip side, it could have so much profit in it that you don't want to take the profit because you feel it's going to go up more but the volatility has brought it down some. And how can you protect it. So, when you take a hedging position you just need to understand that it's there designed to protect a specific position or positions, knowing that you could have zero to very minimal profit from that particular contract that futures contract because you're using it to go basically the opposite of what you are long or short, so that you can hold on to your positions without further losses and and protect yourself. It's time to close the hedge that depends on your portfolio size that depends on the position that you're protecting. Is it an extremely large position that you just don't want to let go of. And when the hedge does become profitable or could become profitable. Sure, you can close it. Investment advice this is understanding the reality of how it's how it's used how the possibilities are endless when it comes to futures contracts you can close the hedge at any time you want, when you find it feasible. Let's say, you've hedged your position, and this particular position that you've hedged, whatever your position is whether it's commodities, indices, effects, etc. And your hedge works, and it's brought down your losses to zero, meaning your futures contract is profitable, but your position has lost but your net net is zero, then go ahead and close out your hedge position. If you decide at that point in time do you want to hold on to your core position that you hedge to protect, or do you want to close out that position as well, and then start over, or get back in the market, depending on what you fancy. So the time to close depends on the size of your portfolio and the timing of what's happening in the markets. Can they be successful, extremely successful. That's, that's what they're used for originally. Hedging is the first and foremost purpose of futures contracts. Investors then come in. The speculators end up providing the volume and the depth, which means liquidity, easy to get in and easy to get out of futures contracts. That's a yin and a yang. Hedgers need the speculators and the speculators need the hedgers, because the speculators are providing the volume and the depth to for the liquidity within the market, and the hedgers. They're using the futures for their primary purpose, whether it's for physical delivery, and lock in and price so that they can manage their business or structure their business and cost benefit analysis, productively, and or at the same time, minimize their losses if they're over exposed into a public sector or not. Let me see if we have any more questions. All right. No more questions have come in. Once again, my name is Ali Hmede, but the shaker con, on the way to go to the lady. Happy trading. Good luck with with what you're doing. If you're familiar with tick mill. That's wonderful. If you're not, please go to their website. Check out and see what they have they do have demo accounts for the ones that sent me their email address. Then I will be able to relay the message to them and they will be able to send you the information that you need. And I look forward to catching up with you. Sorry, I'll be able to follow up with you again in two weeks time on March 22 is our next scheduled webinar series within the futures series and we'll be talking about the valuation at that point in time. Last question coming in from us and before I let you guys know how can be perfect and soybean future soybean is also a commodity. It just depends. I'm not a soybean expert. It just depends on the season soybean is a agricultural commodity just like wheat and corn. You have to be able to do your due diligence. Let's see how the the the agricultural harvesting season, the forecast for how it's look, look and see where the volume is within the futures contracts on the actual physical delivery side from the companies that aggregate the farmers, where are they protecting themselves at what price point are they protecting themselves versus where the actual price of soybean is right now, then it will give you a better indication of okay. I see farmers, they're predicting, or they're hoping to have this particular price for the commodity that they are farming and producing. Then you can say okay well soybean is trading at this particular price today X, they're forecasting, or they are happy with locking in price, why. Then you can basically see okay it could be a productive season it can be a high demand low demand season. You can calculate the price volatility as it moves. And then, from that point on, you can make your own decision as to what type of contract, you would want to engage in, when it comes to soybean in this particular example or question. That's to give a couple more minutes to prepare questions. Before I conclude I have no problem my time is your time I'm here to help you that's what I'm doing that's what I'm here for. I think that tick mill is providing the best possible education and information so that you can make the best informed decisions, regarding this particular sector, so that you can use it efficiently within your own portfolio and investment strategy. I'm scrolling through the questions. Any other questions. How to connect with me. I want to ask tick mill to provide my information. As I said I am a, a exclusive consultant for for tick mill. They will be able to provide direct contact for me via email, and I'll be able to help at that point in time. Send me awesome your email as well as I'm taking down emails here, so that I can ask them also to send you how to connect with me, and we can have further discussions about what you have going on. If you don't mind, you're more than welcome. I just gave you the invite so just send me send me your, your email address awesome. Okay, let me write it down. Send me your email Jennifer so that they'll be able to send you the links to their social media platforms and YouTube channel. Anybody else want to share their email address on the board with a specific request. Now's the time to do so. Yep. I got you Jennifer and the recording for the recording. Yes, Andy. I'm writing yours now as well. Perfect. Ali, I got yours. Ali, can you please give me your specific request so that when they send you an email, they'll be sending you what you want. Okay. Ali, what's your specific request please. Alright, there's a question from, from someone asking about, as a beginner trader is it good to follow channels on telegram for signals. When it comes to signals, I'm going to give you my opinion. I cannot give investment advice and signals coming from random places, like telegram, it can be, it can be a well known form. But at the end of the day, you may or may not know exactly who's behind that particular forum. They may have a big following. They may have provided a signal or two or a few that ended up, let's say being spot on or working, and it ended up trending. Once you get into this type of, let's say, element of waiting on people to provide you signals, and you follow them blindly. The way that I manage money and the way that I work with clients and the way that I have dealt with managing money throughout my financial career. I don't depend on anybody's signals. It's about doing my own due diligence being able to understand why I'm taking a specific position. And what's my target? What's my objective? Is it speculative? Is it to hedge? Is it for growth? Meaning, is it a long term position? If it's a day trading? Day trading, it's a specific type of mentality versus long term investing. So, following signals on Telegram, I can't give you an answer saying, yes, it's great or no, it's horrible. And the Anna, I can't give you the answer you're looking for other than it's best to trust yourself first. Do your own due diligence on a specific investment that you're interested in, or better yet, see what signal that they are offering that within the Telegram chat or board that you're part of when they come out with a specific signal saying now is the time to do this or time to do that. Take the time before doing what they say that you should do, do your due diligence and look and see what it is that they are predicting and or forecasting based on your own knowledge and research and how it fits in with your portfolio strategy or your trading strategy. That's the best way. That's the best answer I can give you. Okay, you're not a beginner and you're interested in the Elliott Wave. Now you're getting into the technical side versus the fundamental side and there's different parts of the technical elements. All right, let me put it this way. Has Elliott Wave predicted what's happening now within the current crisis within the markets, period, with the S&P 500 dropping the way that it's dropped and then swinging back up the way that it's swinging the volatile swings. Has Elliott Wave been able to predict what's happening within the oil crisis at the moment? Now I shouldn't say crisis but the oil movement or the crude oil movement due to the crisis. Has the Elliott Wave been able to forecast and give you an indication of what's going to happen when the 25 basis points or more rate hike comes in when the Federal Reserve does that this week? Personally, then again, I'm telling you personally, I'm not, I don't manage money on a technical analysis strictly only. You have to understand what you're doing. Elliott Wave, you get in, you're talking about day trading and you're dealing right now with extreme, volatile, perfect storm situations all coming together at once that are all isolated happening at the same time. So Elliott Wave under normal circumstances, Fibonacci under normal circumstances, they can give you some of the results that you're looking for. But to solely depend on technical analysis on Elliott Wave or Fibonacci or any others, whether it's the relative strength index or any other type of indicator that you strictly follow, you got to be careful. So you got to take all those into consideration, Mr. Ali. Any other questions? Okay. Thanks again. Thanks again for lending me your ear this evening. It's been a pleasure. Thank you to Tick Mill and happy trading. Good luck. Be careful. And I look forward to speaking with everyone again in two weeks time on March 22. When we get into more in depth analysis on valuations based on knowing now what we know what futures are, how they're used in speculation and hedging. Now we're going to get into the valuation side, and we'll go from there. Everybody have a great evening. Thank you for all the thank yous. It's been a pleasure. And I will talk to everybody in two weeks time. Everybody stay safe, stay healthy, and be diligent with what you're doing. Take care and have a good evening.