 Mike's been very kind to join us. Mike is an active member, obviously, you guys see him in the chat in Amplify Live. But rather than, I guess, myself introduce Mike, Mike, why don't you tell us a bit about yourself and how you trade and what you trade and add a bit of context before we kick off? Yeah, sure. I suppose predominantly I'm a long-term investor and I've been investing in companies for about 20 years. I was giving my age away a bit, but I did the Amplify course two and a half years ago, I think. So I started trading two and a half years ago and now I do a little bit of intraday, some swing trades and investing. And I suppose my method is to try and sort of knit these things together. One of the things that you've been incredibly useful for everyone has been, whenever there's been a vaccine, a piece of information that's come out, most of us are sat here scratching our heads going, what is that? What does it mean? Is it important? Is it not? How am I supposed to interpret that type of thing? What comes next? These kind of common questions. And I know you and I have been talking for last week or two about how could we structure something to help with that specific objective and so this is really the purpose then of this call is for you and I to thrash this out a little bit with the overall end game being to equip people to be a little bit better prepared, let's say for what is the logical steps to come and then ultimately, what's the investment play on the back of that? And as you described, short-term, medium-term and long-term, because there are some different elements to it. Yes. I'm sure we're gonna get to this at the end when we talk about the investment opportunities because that in itself does bring up quite an interesting element about the time differential exiting from the pandemic which offers opportunity on a timing sense of where to be overweight and underweight in the sense of if you were positioning in the right way. But just coming back to, there was a really great slide that you did and obviously we'll share the document with everyone after this conversation. That it was factors in assessing the vaccine. So this kind of fits now within my pre-mit which is more, right, if there's a piece of information coming out, what are the determining factors which then create some type of market reaction? Yeah. So if you could explain and elaborate on how you see that assessment process. Yeah. So when I was thinking about this, you say it's factors in assessing vaccines is when you hear a piece of news about a vaccine, I think you need to look at six different things. So the first thing is looking at what we just discussed is the regular true process. So where is this vaccine that's been talked about in the regular true process? And we talked about phase one, two, three, emergency use operation and full FDA approval. So the further it is along that chain, the quicker it's going to be used or proved as an actual vaccine. So phase three is where the most advanced vaccines are and we're about to transition to emergency use authorization or UA. If a vaccine is, you hear a piece of news about a vaccine that's in phase one, it's a long way from becoming a commercial product. So you need to be aware of that. Let's kind of skip forward then to the investment landscape. Yeah. And I guess from here, there are a couple of different ways of looking at this. There's the, as you've kind of gone into by concluding with Jane Jay, for example, there are looking at pharma companies specifically and they've all got, they're in a different, I guess type of technology they're adopting, they're in a different stage of approval or they're testing. So there's a timeline of that and there's pros and cons. There's also then the end result of what a historic event like this pandemic will mean for behavioral change in the way that people live their lives or go about, let's say airline travel now in future for businesses and the adoption of different behavior. You know, the whole kind of to pick up in certain pandemic plays that have obviously been evident over the course of the last several months. How many of those are long lasting and are there any patterns? And then there's the kind of the other things which is, as we talked about earlier, is there any in the next 12 months, 18 months period, an opportunity for, I guess, arbitrage between different areas as they come out of this pandemic and into a recovery, that the timing I think will be quite different as you said right at the beginning, the adoption of a more coordinated strategy in Europe comparative to disorderly in the US. Obviously, one would imagine then even under a new administration that there's probably gonna be a uniform exit coming from mainland Europe rather than probably more fractured just given the more federal state level way which the US operates. So is there opportunities as well there? So I guess we'll start it off then to get a bit more definitive. You mentioned there about J and J. So is there any one of these farmers where you think that they stand out head and shoulders about the rest? And that I guess there's more like speculative trading over a short term like I saw Moderna up again, Charlie yesterday. Yeah. There's kind of more speculative plays but more long-term winners. I guess you could describe it as almost. Is that how you see it? I find investing and trading in these farmer companies on the basis of the vaccines I think is really hard. So if you look at the what's happened since the beginning of the year, if you look at the share price of Astra and Pfizer, they're basically flat on the year. So they haven't gone anywhere and vaccines because they do so many other things, vaccines are only ever going to be a small part of their portfolio. And Astra have already said that they will give their vaccine on a cost basis until the end of the pandemic. Now actually they actually get to define what the end of the pandemic is. So they can actually take quite an aggressive approach but I still don't see that necessarily for either Pfizer or for AstraZeneca, these are big game-changers in terms of their finances. And for me, there isn't necessarily an investment case. I mean, I wouldn't buy or sell AstraZeneca on the basis of their vaccine. And I'm always slightly perplexed when I see these big moves in the AstraShare price on basically a vaccine that they're producing a cost at least to begin with because it should have no effect either way. So I think Pfizer and Astra are tricky. Moderna potentially have the most wins. They're a small company and this is going to be their big initial product. But Moderna is up 400% since the beginning of the year. So the question is, well, how much of this is already built into the Moderna share price? Now, am I a buyer of Moderna now? It's gone up 400% already this year on the back of this product. And I think again, I think that's really, really difficult. JNJ, it would only ever, JNJ may eventually emerge as the winner here. I mean, they have lots of experience in making vaccines. They can make this vaccine fairly cheaply. They've got the distribution manufacturing in place. And if they can get one shot to work, then obviously it's very easy to administer. So let me pivot the conversation over to what has been a big talking point of 2020 which has been the phenomenal success of large mega cap tech. And so the question then, as we go into the next phase of the pandemic, which is, let's say, looking top level, focusing on the recovery story of 2021 and beyond and the inevitable, let's say controlling of the virus which will come at some point. How does big tech, how do you play that from a big tech perspective over the next 12 to 18 months given the spectacular performance that they have seen? Is that a continuation or are we at a pivot point of there's a lot of talk about rotation and these sorts of things? I would draw a distinction between big tech and stay at home. I think they're slightly different things. So if you take big tech, you know, I look at Amazon and I think I ask you the question and everybody I know the question, where are you gonna do your Christmas shopping? And I think we will know the answer to that. It's gonna be an Amazon Christmas, both for people doing shopping and for Amazon shareholders. I think it's going to be a great Christmas. And I look at Amazon and they're just so good at what they do. They move into areas, they're ruthless. They are better than the people they're competing against and they're there for the long haul. So as we're saying the other day, they are the Death Star. They are unstoppable. They will keep going and they're not just the stay at home trade. So I'm very, very confident about Amazon. If you look at Google and Facebook, where does their advertising come from? So Google I think, where do holiday companies advertise? They advertise on Google. So even when you get, when leisure comes back, airlines travel, Google are gonna be a big beneficiary in terms of advertising. I look at Apple, slightly under the radar at the minute, but they've got this new M1 chip technology in there around desktops and laptops. That is going to be, in my view, massive, slightly not looked at at the minute, but they've basically produced a $900 laptop that outperforms $3,000 laptops because of this new chip architecture. So I look at Apple, Facebook, Google, Amazon, I just think they will continue to advance. They will continue to be unstoppable, but I don't necessarily think that of the rest of the stay at home trade companies. So that's where I'd start. I draw a distinction between big tech and stay at home. I'm always conscious of being biased, confirmation bias and position bias. So that's why I have a healthy circle of people. I'm a fantastic analyst like Anthony. So, okay, that good educational element then on the back of that discussion is, so you mentioned there about one approach to making sure that the investment remains rational is not just keeping it contained within your own mindset, perhaps then talking to other people to get different types of views. Where is the sentiment on a grander scale? Is there anything else then as a trader that you do to sanity check then that you are not doing what as you describe confirmation bias, position bias, these other things, what would be a practical way to increase that self-awareness? Absolutely, this kind of brings me back to this thing. I might go off a little bit here, but let me take you to the Japanese Railway System. And they had a reoccurring issue with people falling into the gap before the trains went off because there's hyper busy train station, a train at work. And they introduced this one simple thing for the conductors on all the carriages and it's see it, say it, confirm. This solved this problem of injuries and deaths on the network by a massive percent, right? The conductors would get off the train, watch everyone else get off, and then they would walk the length of the carriage pointing at us and get to the end and say clear, ready to go and they give a thumbs up. So this brings me back to my answer, which is the way I try to stay grounded is I have a hypothesis and I wait until I see it. It happened on the price action. So like with, I was deeply long silver ETFs on coming into the election, trying to hold it over the election. And I had a really pretty simple but decent technical analysis on it. So I was positioned and I had a comfortable, like a nice stuff. I wasn't really going to sweat the trade too much. And for the following two days, I just couldn't see the trade happening. I just couldn't see the interest there on the tape. I just couldn't see those bars in. Whereas, Eddie was on to me about Zoom the other day. It was down about 400 or so, 390s. And I was like, let me have a look at my chart. And I remember when it first traded below 390s and then it traded above, I made a note on the chart, buyers at this level. And so I wanted to pull back and Eddie was like, what do you think here? I was like, yeah, there's buyers at this level. And sure enough, we're trading what, 420 or whatever, 440s on Zoom now. And there are buyers at that level because I could see it on the tape. It pulls into the 400, it rockets up. And so you can see this with markets futures, any market intraday, if you have a decent level or an area, you need to see those buyers there picking up off that level. And that's kind of how I stay grounded. Like if I can't see it, I'm just gonna get ahead of it. And I said this to my group all the time. And like, if you get in at a level and you're expecting to see something and you don't see it, well, you don't need to be there anymore. And I think that's kind of a mantra of how true across equities, ETFs, everything, futures. I don't know, Mike, what, you know, to balance out my mantra, what do you kind of look for to stay sober if you like in the market? Yeah, I mean, actually, I think we trade probably fairly differently. I mean, I don't really use technicals in a way that, say, you probably use them. And I don't trade that much intraday now unless, so rather like, I suppose a little bit like Ansley, I have a, I try to construct a view of the world on a macro basis. And then I'm looking for entries into stocks where I think it has, or products rather, that have incorrectly deviated from my view of the world.