Daily Briefing – July 14, 2020

Published on
July 14th, 2020
Duration
34 minutes


Daily Briefing – July 14, 2020

Daily Briefing ·
Featuring Peter Cooper, Ash Bennington, and Ed Harrison

Published on: July 14th, 2020 • Duration: 34 minutes

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss Q2 earnings for banks such as JPMorgan and Wells Fargo and use it as a barometer to talk about market cycles. Ash and Ed consider how the abysmal results in financials can cloud our understanding of where markets are at in the cycle. They also break down the sector weightings in the S&P 500, examining how severely underrepresented certain industries are and how that is distorting equity market performance. They also ponder the ways in which the system is currently "rigged," the sorts of inequities that arise out of it, and how the pandemic is exposing it all. In the intro, Peter Cooper discusses the Q2 earnings for JPMorgan, Citigroup, and Wells Fargo, and analyzes how effective the Payroll Protection Program has been in supporting small businesses in the US.

Comments

Transcript

  • TH
    Tal H.
    24 July 2020 @ 05:56
    Saw Trading Places yesterday, finally understand the "Looking good, Lewis" bit! Ash, next time you need to reply with "Feeling good, Billy Ray"
  • MP
    Matthew P.
    18 July 2020 @ 14:57
    Good stuff guys. Amazing Apple 400k per person annually. Is that pure profit, after salaries? Extremism on both sides is a destabilizer and exhausting, possibly necessary... Guess we won't truly know till the dust settles. Hopefully for USA it doesn't go on endlessly in a Brazilian loop of corruption. Also hope Brazil is pulling forward in the very near future. Never thought of the workforce individuals generating the wealth that is not evenly shared back... hmmm. Guess it is only if you're luck enough to be part of company that issues shares—and they are successful/sizable enough to spit back dividends.
  • JF
    Jennifer F.
    17 July 2020 @ 08:00
    More money should be spent on schools in the inner city to give kids a better chance of an education. Make universities stand for something so an education is worth something, that will allow degreed people earn a decent education.
  • JF
    Jennifer F.
    17 July 2020 @ 07:56
    People who invest usually put into the bank which gives others the ability to borrow and set up other businesses. If they invest in other businesses that gives those businesses the ability to expand and possibly employ others. Or perhaps they costs become less, which allows consumers to buy cheaper.
  • ES
    Edward S.
    15 July 2020 @ 08:06
    Come on Real Vision, put your money where your mouth is and serve the people! Give us the Raoul After Hours video! Just think of all those tier upgrades you'll get. Everyone's a winner.
    • mL
      miya L.
      16 July 2020 @ 19:02
      The free GMI issue from a couple of months ago was what got my attention and enticed me into a subscription and it has been well worth it since. Top marketing tool
  • BB
    Bob B.
    15 July 2020 @ 23:53
    Go Ed Harrison Go! Hey Ed, if you're interested in a radically different perspective on social science give me a shout-out!
  • BB
    Bob B.
    15 July 2020 @ 23:49
    Why wouldn't qrt earnings be suspended or dropped? That would push bleeding announcements until after election!
  • JH
    Jason H.
    15 July 2020 @ 22:27
    Real! Thorough! Loved it!
  • SC
    Scott C.
    15 July 2020 @ 01:15
    Harrison nailed it. Citizens United enabled health care, pharma, financial services, military, telecommunications to extract wealth from those least able to afford it and otherwise loot the US Treasury. Historically, income inequality of this magnitude does not end well for anyone.
    • IZ
      Ileana Z.
      15 July 2020 @ 02:07
      And let's not overlook the fact that all of this looting of the middle class has been an amazing BI-PARTISAN effort! The only thing these elected crooks can agree on is ripping us all off! Elephants and Asses continually screwing the masses.
    • SC
      Scott C.
      15 July 2020 @ 17:33
      As to lleana Z's comment - I could not agree more. Both the Democrats and the Republicans answer to who ever funds their election. Again, enabled by Citizen United. They have worked in a bipartisan way is to destroy our country and ruin peoples lives.
  • OA
    Oliver A.
    14 July 2020 @ 23:36
    I’ve really enjoyed Ed’s commentary the last few days - it’s great to hear these issues looked at through the RV lens and his passion is deeply felt. Great stuff!
    • PB
      PHILLIP B.
      15 July 2020 @ 00:49
      Politics matters to our investments. It's good that there is recognition of this. Can't wait until the wealth tax comes in. Increase the capital gains on the elites. Bring it one. The elites are so out of touch. The only civil solution is to tax the wealth of these people. It's not about how much money it brings in to the Treasury. It's about the oligarchy and stopping these people.
    • MT
      Mark T.
      15 July 2020 @ 15:51
      Phillip B... do politics matter? Not sure if we can ascertain your position from all the same comments. Full stop.
  • ML
    Max L.
    15 July 2020 @ 15:45
    Great stuff gents.
  • mn
    man n.
    15 July 2020 @ 15:21
    I really enjoy it when Ed Harrison talks social sciences! I think you're really on the mark when it comes to inequality and needing large scale structural change 🙏 Keep it up!!
  • ME
    Mark E.
    15 July 2020 @ 14:30
    So Ed, the recession is over. How about the depression?
  • EL
    Edward L.
    15 July 2020 @ 14:28
    All this talk from Ed about policy / politics, but nary a mention of (longstanding bi-partisan) trade policy which has sold out, and continues to sell out the American middle class to Chinese interests. Both parties have adopted a globalist-lucre stance which benefits large supra-national corporations (and their profits) over American workers, whose jobs and/or pay disappear or dissipate continuously under the current regime. Ed's comments are hardly refreshing; they are a rehash of decades of utopian redistributionist nostrums which ignore the international trade system gamed by a shrewd mercantilist and essentially lawless China. This is not helped by Ed's obligatory (and always safe) criticism of Trump, yet not of any of his predecessors whose policies were even worse because they produced lower growth without ameliorating "inequality" (even if we are to pretend that extremely unequal outcomes in human systems are avoidable, which all of history shows not to be the case). For all his faults, at least Trump has tried to work on the anti-American-worker trade system, jealously guarded by both parties (even if for somewhat differing reasons).
  • AP
    Alfonso P.
    15 July 2020 @ 14:28
    simply one of the best daily briefings
  • PT
    Philip T.
    15 July 2020 @ 12:04
    The establishment fears both the extreme left and extreme right, however, the populist movements are on the far left and far right. The connected middle is fine with things as they are since they benefit from the current system and oppose power going to the regular folks. Change will surely make the connected middle less comfortable - as it should. The time is coming when the populists from both political parties will unite to bring long-needed changes.
  • RK
    Roger K.
    15 July 2020 @ 09:08
    Did I hear that correct Ed is saying that recession is over ??. And we are at the start of a early cycle?
  • HF
    Hector F.
    15 July 2020 @ 07:34
    Bring it, Ed! The socio-economic disparity in America is the poisoned chalice preventing its ascension in the 21st century.
  • NC
    Nick C.
    15 July 2020 @ 04:56
    Ed telling it like it is. I feel like Ed is drank a huge can of that angryeconomics cool aid before this interview and Ash wasn’t quite ready for it. Don’t get this type of good commentary elsewhere. Love it.
    • FS
      Florian S.
      15 July 2020 @ 07:09
      To me, this was not angryeconomics at all - it was speaking the truth based on facts that have actually happened. i think in general, many more people need to simply speak up truthfully and candidly without worrying too much about how the facts and related opinions might be interpreted as politically biased. you know we are in a tough spot if fact-based opinions supported by evidence/data is consistently flagged as taking political sides. on a side note, Ray Dalio has done eye opening research on the topic of inequality as a source of divison, nationaism, populism etc. it should be obvious to the objective observer that we are in a similar envrionment than back in the 1930s. Ed, you are the man!!! definitely m favorite contributor to RV content across the platform. keep it up sir!
  • AP
    Ankit P.
    15 July 2020 @ 07:02
    Ed is saying what we are all thinking. This show is getting better daily. Keep up the could work Ed & Ash!
  • HT
    Hans T.
    15 July 2020 @ 06:00
    For decades the US has been telling the rest of the world how great their system of government and economy is, often imposing it on other countries by force. Now they want to BITFD without much of an idea of how to improve it. The French revolution may give some context.
  • JA
    John A.
    15 July 2020 @ 03:15
    Ed’s comments are spot-on. The ‘ruling class’, the status quo, gets bailed out, while the rest of us get further squeezed. Not sure if you’ve noticed, but even great minds in our space espouse the thought of #BITFD (Burn It The Fuck Down). These are the sad results of trying to keep the status quo afloat. Meanwhile, food prices rise, health care prices rise, housing prices rise, and the Fed tries its best to get prices to rise further. Politicians on the fringes rise, because the average person reaches the end of their tolerance. Everyone needs to understand The 4th Turning by Neil Howe. How do we fix this situation? We #BITFD, and our kids can again afford housing and medical care. They can invest in companies that actually have a future. They can participate in the growth of the new world order.
    • SE
      Seth E.
      15 July 2020 @ 03:42
      While I don’t agree with some of your comment, I will agree that the novel mentioned is phenomenal & potentially prophetic.
    • JT
      Jahangir T.
      15 July 2020 @ 05:13
      #BITFD and #BTFD (Buy The Fucking Dip- Bitcoin)
  • AR
    Alex R.
    15 July 2020 @ 05:11
    Brilliant guys. Ed - great to hear the discussion on the distributive effects of the current system. Can I suggest that RV try to line up an interview with Michael Pettis discussing his new book Trade Wars are Class Wars (the distributive effects of the current systems/global trade are discussed in detail).
  • BS
    Brian S.
    15 July 2020 @ 04:55
    Ed for president! At the end of the day money is a political creation, the root of economics is politics.
  • SD
    Simeon D.
    15 July 2020 @ 01:35
    I have absolutely loved these last two episodes of the daily briefing because of ED. Fantastic points, raw energy and great analysis. Ash seems to hold back on giving his opinions - which is ok - but I appreciate Ed putting himself out there. Can’t wait to watch again tomorrow. Keep it up guys!
    • JG
      Jason G.
      15 July 2020 @ 03:43
      Agreed. Real Vision is such a great resource.
  • BE
    Brent E.
    15 July 2020 @ 00:25
    Ed is going rogue. Thanks for speaking for the people Ed.
    • PB
      PHILLIP B.
      15 July 2020 @ 00:57
      Politics matters to our investments. Ed is representing this point of view. If we want an America we want to live in in the year 2030, we have to make changes. We have to make changes now. Politics matters. We all have to choose a side. One is either with the oligarchs and not paying attention to "two-bit" RV, or one recognizes that we have a system of elites that cannot be rehabilitated.
    • DC
      D C.
      15 July 2020 @ 03:11
      Loving this righeous anger rising in Ed
  • IN
    I N.
    15 July 2020 @ 03:09
    Wow. Ed on fire again today. And the points made in the last 5 minutes, he is well-positioned with his experience to state them with the authority of truth.
  • TS
    Tom S.
    15 July 2020 @ 02:15
    Ed repeated a familiar refrain: younger people are better able to combat COVID-19. Maybe. But (as a layman) what I read daily is a new and rapidly expanding understanding of the scope of damage COVID-19 does to our systems. Three months ago we were concerned about severe attacks on our respiratory systems which proved fatal to many, especially the elderly. Now we hear about significant damage to many organs (including the brain itself) amongst "survivors" and others who have not even exhibited the usual respiratory symptoms. Thus far such damage appears irreversible.
    • TS
      Tom S.
      15 July 2020 @ 03:05
      But the main point Ed speaks to is the Social Climate and I believe he is absolutely correct.
  • ES
    Edward S.
    14 July 2020 @ 22:13
    Please can the After Hours with Raoul be made available to Essential members? I believe it would help a lot of the lower level members to get more involved in financial markets, and as a result they would upgrade to a higher tier on RV in due course. Thanks in hope!
    • as
      amrinderjit s.
      14 July 2020 @ 22:22
      Agree!
    • MH
      Michael H.
      14 July 2020 @ 23:07
      Or purchase individual videos. Monetize your tier marketing.
    • CR
      Cory R.
      15 July 2020 @ 00:15
      Agreed, thanks!
    • NJ
      Nimitt J.
      15 July 2020 @ 02:49
      Raoul Raoul Raoul
    • YY
      Yafen Y.
      15 July 2020 @ 03:01
      I was thinking of the same, Michael. Pay per video would be great.
  • NP
    Nathaniel P.
    15 July 2020 @ 02:33
    This show is getting better and better. Ed and Ash are a great combo. And Ed's totally right about the politics of this. If we don't level the playing field NOW and create a more fair political/economic system here in the US that reaches working people... then the radicals on the left and or right will take it and burn it.
    • CR
      Cory R.
      15 July 2020 @ 03:01
      You are so right Nathaniel. In philosophy it is called teleology. A goal or an end in mind. Without a good teleology the people fall down visionless. This is why I always recommend that the President of the USA and his team of superstars either humbly join the Belt & Road initiative for physical infrastructure development, or begin their own program here in continental N. America. Imagine the power of an initiative that calls for $10T in spending to be repaid in bond dividends to all citizens for the next fifty years. Even just one project, high speed rail connectivity in continental USA including Canada and Mexico. The side benefits of such a project would fill a half dozen, double-sided college ruled steno pads. Cheers.
  • mB
    marc B.
    15 July 2020 @ 02:37
    Ed breaking the pipe. Ash bringing it in. Best duo on tv!!!!
    • mB
      marc B.
      15 July 2020 @ 02:42
      Ed for prez!
  • LL
    Linda L.
    15 July 2020 @ 02:28
    Way to go Ed! the second half of your briefing - you were fired up about your disgust with the way things are ( not just the Market , or the Economy, but the power in the hands of very few - its probably always been this way, but the very few have become very selfish and corrupt with the power they wield. Still I was disappointed with the first half of the conversation (you and Ash) it seems like you waffle back and forth each briefing, depending on how the market goes, the guest speaker you have that day, and a few of the hilighted news stories of the day What is your true opinion about how this market cycle will ultimately play out? Im not asking for timing, although I would appreciate your thoughts on timing,but I would not hold you to it because this Market is not making sense. But it will ultimately Although you dont say it, this Market (and Fed/Fiscal) is no different from 2000 or 2007 - the same Market Dynamics apply - even for the Hi Flying Tech Stocks, eventually Market Prices will reflect true earning streams. And there are a lot of Companies that will have a shocking adjustment (ie Tesla - I like Tesla as a car company) Im not saying Tesla may not some day earn its Valuation, but that day is a looooong way off, and there are many companies like them! reality will have its day
  • AG
    Amol G.
    15 July 2020 @ 02:23
    Loved this conversation. Ed has been on fire at calling out the b.s! One should not be afraid of not being "too political" especially when you know that real people are feeling the pain. We need to be the ones to call it as we see it, on whatever platform we have a voice on.
  • IO
    Indi O.
    15 July 2020 @ 02:16
    Incredibly insightful and comprehensive discussion. Thanks for this.
  • RL
    Renee L.
    15 July 2020 @ 01:57
    Ed- you are right on the social climate! Well said!
  • DR
    Derrick R.
    15 July 2020 @ 01:51
    Very much appreciate and enjoy Ed’s candor as of late. As much as we want to avoid the political side, it is to our detriment as that is where the power is, as Ed put it.
  • AN
    Andrew N.
    14 July 2020 @ 22:58
    On July 15, 2020, Ed Harrison will make an announcement regarding a 3rd party Presidential run. Watch this space!
    • jR
      james R.
      14 July 2020 @ 23:09
      Nope, Bernie already ran and lost.
    • DL
      David L.
      14 July 2020 @ 23:59
      The tone seems to have darkened considerably since Ed removed his snowman painting. Is this some kind of general indicator?
    • PB
      PHILLIP B.
      15 July 2020 @ 00:46
      Politics matters. Ed is just pointing out that politics matters. Full stop.
    • IZ
      Ileana Z.
      15 July 2020 @ 01:47
      I wish!!!!!!!!!
  • BS
    Bevyn S.
    14 July 2020 @ 23:33
    Nice Ed. Get it out! Will add one thing though: You're overlooking that wage pressure is what really drives/forces strides in productivity gains. Hard to justify investing in productivity when you can outsource to foreign labor for pennies on the dollar... It's a systemic issue, the players are acting rationally.... This explains the mystery of slowing productivity...
    • DL
      David L.
      15 July 2020 @ 00:12
      Good points. No doubt a few manufacturing jobs will return, but with the recent success of remote working from home, it seems likely that companies will now start outsourcing white collar jobs to developing countries. After all, why pay John or Sally $70K a year to work from Nashville when you can pay Deepak $15K a year to work from Bombay or Bangkok?
    • BS
      Bevyn S.
      15 July 2020 @ 00:22
      It's already happening for software developers. I have a friend that works for a large software company. They toss programing back and forth with workers in India, working around the clock. Pretty crazy how efficient it is. Has to drive down wages though, naturally.
    • BS
      Bevyn S.
      15 July 2020 @ 00:23
      When one team is sleeping, the other is working on the other side of the world.
    • DR
      Derrick R.
      15 July 2020 @ 01:44
      But does it explain legal tax avoidance despite frothy profits?
  • BK
    Brian K.
    14 July 2020 @ 23:35
    Vote for Ed Harrison for President of the United States In 2024 and Mark Cuban for vice
    • DR
      Derrick R.
      15 July 2020 @ 01:42
      *** HARRISON CUBAN: ENOUGH OF THE BULLSHIT 2024 ***
  • RT
    Richard T.
    15 July 2020 @ 01:40
    It's Bastille Day, and it passed with a mention. But, Ed broke "radical" left
    • RT
      Richard T.
      15 July 2020 @ 01:41
      That's WITHOUT mention
  • BE
    Brent E.
    15 July 2020 @ 01:07
    Thinking about Ed's comment about the means to address inequality: Working people need to have influence in politics, and also in the corporation. My back of the napkin ideas: Randomly formed citizens assemblies with political power enshrined in the constitution should determine spending and taxation, and should be empowered to order the break up of monopolies. Workers in publicly held companies should make up 51% of the board.
  • SV
    Stephen V.
    15 July 2020 @ 01:02
    Ed, Bravo Sir. Well said, well done.
  • JA
    Jonathan A.
    14 July 2020 @ 23:59
    This one ended heavy fellas (and I liked it). I think Ed’s right: you can’t just hide behind the numbers and try to stay clean or sterile, for lack of a better phrase. The politics of the economy is where the power is. Right now, most politicians have abdicated that power to corporate power (lobbyists). Will voters force them politicians to step in and fix this broken, tilted system? We’ll see, but I think they will, by hook or by crook.
    • JA
      Jonathan A.
      15 July 2020 @ 00:02
      *those politicians (I’m neither Hatfield nor McCoy, I swear)
    • PS
      Paul S.
      15 July 2020 @ 00:09
      "Will voters force those politicians to step in and fix this broken, tilted system?" Probably not, call me a cynic but the only thing I remember that changed after the GFC was austerity for the 98%
    • PB
      PHILLIP B.
      15 July 2020 @ 00:53
      We have reached the point where we all have to choose sides. We need new elites.
  • MH
    Michael H.
    14 July 2020 @ 23:44
    “100% conviction... system is rigged”... right on Ed.. let’s call a spade a spade... stock buy backs and financial engineering should be capped and heavily scrutinized by regulators. What has gone over the past decade is arguably criminal, if people really knew what was going on. If companies spent that borrowed money on organic, growth think of the opportunities... the jobs. We wouldn’t be in this mess.
    • PB
      PHILLIP B.
      15 July 2020 @ 00:52
      Regular people have kind of gotten screwed over. There are lots of charts that tell the story. We need new elites. And, we need to take the money from the current elites. Bring on aggressive taxation of the 0.01%. It's not about the money into the Treasury. It's about about blocking oligarchy. We need a new future. We have to invent it. The current sytem and the future is not ex nihilo.
  • MT
    Mark T.
    14 July 2020 @ 22:50
    I agree with you mostly Ed. Citizens United was a horrible decision. Corporations aren't people. However, I do think people in this country are too quick to live beyond their means. Everyone is responsible for their own outcomes, for the most part, but it's easier to blame others.
    • PB
      PHILLIP B.
      15 July 2020 @ 00:45
      Living beyond means is a wholly separate issue. "Everyone is responsible for their own outcomes," is neo-liberal bull crap. Go talk to Millenials. Politics matters. It's one of the three legs of the stool. Full stop. The current system is broken. Who sees this? There needs to be a new form of capitalism. There is going to be a lot of change coming to the US. People haven't gotten pissed off yet. Life here in the US isn't very good. We got screwed over here in the US by our elites. The elites in the US are not capable of reform. We need new elites.
  • DM
    Dominic M.
    15 July 2020 @ 00:43
    I appreciate your conviction about the unfairness of the system, Ed. Something about blockchain ... ;)
  • CR
    Cory R.
    15 July 2020 @ 00:42
    Great energy from Ed especially about how Trump rewarded corps and execs which ended up squandered on share buybacks instead of forging ahead patriotically ultimately for the benefit of America and Americans. And now these same squandering corps and execs get most of the bailout money, where is the justice and the truth here? I feel the energy man, and the righteous anger.
  • BE
    Brent E.
    15 July 2020 @ 00:30
    Spot on Ed. The subject in University used to be called Political Economy. There can never be a separation between politics and economics. They are two sides of the same coin. I really enjoyed this conversation and Ed's candour. With respect.
  • AT
    ALAN T.
    15 July 2020 @ 00:30
    Ed, I appreciate your comments on inequality. Thanks for stating them so directly. What's notable to me is that you feel as if you're going out on a limb to state what. I think, is obvious. Volatile times.
  • DS
    David S.
    15 July 2020 @ 00:25
    I completely agree with Mr. Harrison on the wealth inequality issue coupled with the race inequality issue. COVID-19 will pass, we will adapt or die. Race and income inequality will not pass in my lifetime even under law. We need to work on them now even during the pandemic. RVTV could produce a longer-term series - maybe several a month - on changes the US can make to promote the common good. RVTV has access to brilliant business minds that know how to effect and manage change. Capitalism must function well to fund any representative democracy. The two must work together or both will fail. We are certainly out of balance now. We need to figure out how to raise all boats economically from the wealthy to the poor, from young to old, from cities to rural – the common good. You do not make everyone better off by just taking money from the wealthy to give to the poor. You make the poor wealthier. DLS
  • DL
    David L.
    15 July 2020 @ 00:04
    ED's thesis is that investors will lose patience with non-performing companies in Q3 and that generally bad things will result for the market. This sounds plausible, but how do you imagine it will square with the 1.6 trillion dollars in the Treasury General Fund that will be used (supposedly) to goose the economy prior to the election. Do you see the excess liquidity overcoming the bad fundamentals?
    • CR
      Cory R.
      15 July 2020 @ 00:22
      According to this morning's French hedge fund guy, there should be a big rotation to European equities. Would this help that $1.6T at the Fed? Also, does US money going into European stocks help the Eurodollar situation? Cheers.
  • SB
    Stephen B.
    14 July 2020 @ 23:41
    I appreciate the discussion on societal changes but i believe you are missing the target. To me it is quite simple. We have had corrupt money since the 1970's (when the US broke with Bretton Woods) which manifested itself in corrupt politics. Western governments and central banks, since then, have been clearly serving interests other than their own citizens. The only way to address societal inequalities is to return to sound money. Unfortunately, CB's are accelerating in the other direction.
  • DR
    Dave R.
    14 July 2020 @ 23:28
    Love the heat!
  • DS
    David S.
    14 July 2020 @ 23:21
    IMO the economy is simply in a depression. Calling one quarter a recession, down 50%, and the next month a recovery, up 5% is not productive. Investopedia definition of a depression: “A depression is a severe and prolonged downturn in economic activity. In economics, a depression is commonly defined as an extreme recession that lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10% in a given year.” Goldman Sachs in July estimated US 2020 GDP will be down 4.6%. There is a good chance we will meet the easy definition of a depression of down 10% if COVID-19 has its way from now to the end of the year. DLS
  • PS
    Paul S.
    14 July 2020 @ 23:06
    "in the UK the ratio of average chief executive pay to that of average workers rose from 48 to one in 1998 to 129 to one in 2016. In the US, the same ratio rose from 42 to one in 1980 to 347 to one in 2017" https://www.ft.com/content/5a8ab27e-d470-11e9-8367-807ebd53ab77
  • JH
    Jacqueline H.
    14 July 2020 @ 22:52
    Conclusion: The Bread and Circuses program doesn't work, doesn't keep the population in their respective boxes when folks are in lock-down.
  • DS
    David S.
    14 July 2020 @ 22:44
    Great introduction Mr. Cooper. Thanks for giving the YOY, and QOQ data instead of just per estimates. DLS
  • gj
    gail j.
    14 July 2020 @ 22:38
    Go Ed !