Borrowing to buy stocks pushes China's record household ...

Good evening autists,
I've decided to make this post in order to give you all insight of what I see as a underexamined area of weakness (especially in this sub) and I believe is a possible harbinger of what lies ahead, which is the logistics industry. There are many moving parts and niches in the industry and most businesses rely on logistics services to support their operations (from the supply of raw materials, moving product from manufacturer to distribution center, clearing freight through customs, storage, or delivering final products to stores or customer's door). There are steamship lines (SSLs), airlines (ALs), freight forwarders, customs brokers, truckers, distribution centers, warehouses and they all participate to assist companies who import their products to different markets get them there as fast as possible (unless you're an SSL) at the lowest cost.
These services have allowed products to be made more cheaply internationally due to low labomaterial costs, mainly, which in turn allows markets to buy them cheaper. For the US, this is critical because it doesn't really manufacture much anymore as it's moved on from a manufacturing economy to a more service based economy over a handful of decades (trade deficit for March increased to $44.4 billion difference in imports over exports https://www.census.gov/foreign-trade/data/index.html ).
We're on a downtrend due to trade war, which is good, but $44 bil on 3month avg is basically impossible to make up for in any kind of short-term basis.
With this change from a manufacturing economy to a more service based economy, basic logistics services have seen steady growth for multiple decades. In general, when an industry is in its infancy, you have many small players (usually) and over time they consolidate. Well, this is similar to what's happened in the SSL sector of the logistics industry and this is where I'll start.
SSLs
You can do your own research, or just take my word for it, but SSL alliances have picked up starting the last decade or more ('08 recession put upward pressure on this) as record losses were prominent for almost all carriers due to over-supply and reducing demand. This fact then pushed them into rate wars (SSLs undercutting freight rates to push out competition). Rate wars then forced alliances among the SSLs. Larger players forming pacts with similar larger players in order to wipe out the smaller players, which in turn has forced the smaller players to build pacts in order to fight back. If you're wondering how this isn't an antitrust issue, it has been brought up and investigated by the DOJ though I'm not going full on into the weeds on that but basically, "Antitrust investigators believe that due to a history of legally having the ability to discuss pricing under antitrust immunity, the industry lacks a disciplined culture and is therefore susceptible to illegal activity. For example, the DOJ regularly issues a statement raising concerns after the FMC allows a shipping alliance or major vessel-sharing agreement (VSA) to take effect" * https://www.joc.com/maritime-news/container-lines/us-antitrust-probe-container-shipping-ends_20190226.html (think OPEC-ish). With the formation of these pacts came investment in new containerships at a record pace. It was a race to see who could buy the largest ship in order to save cost through economies of scale and crush the competition on the highest traffic lanes globally (i.e. major import lanes like Shanghai to Los Angeles or Shanghai to Rotterdam). The first major player to fall was Korean SSL Hanjin just over 4 years ago. At the moment, we only have 3 alliances that control~80% of the capacity of ocean cargo transported globally. The breakdown of alliances is below (https://www.morethanshipping.com/the-impact-of-the-container-shipping-alliances/ ).
Pick your poison
However, unfettered competition remains within these main trades regardless of the alliances made. It is tantamount to a war of attrition and that is going to be devastating in the current environment. See below recent reports on SSLs.
An April 8th article in WSJ ( https://www.wsj.com/articles/container-ship-operators-idle-ships-in-droves-on-falling-trade-demand-11586359002 ) stated the below points

Container ship operators have idled a record 13% (OP Note: this easily beats the '08 recession) of their capacity over the past month as carriers at the foundation of global supply chains buckle down while restrictions under the coronavirus pandemic batter trade demand.
Alphaliner, based in Paris, said more than 250 scheduled sailings will be canceled in the second quarter alone, with up to a third of capacity taken out in some trade routes. The biggest cutbacks so far have hit the world’s main trade lanes, the Asia-Europe and trans-Pacific routes.
Ship brokers say giant ships that move more than 20,000 containers each now are less than half full.
Sailing cancellations grew from 45 to 212 over the past week, according to Copenhagen-based consulting firm Sea-Intelligence. The “blanked” sailings are stretching into June, indicating operators expect the traditional peak shipping season, when retailers restock goods ahead of an expected buildup in consumer spending in the fall, will be muted this year by the lockdowns extending across economies world-wide.
France’s CMA CGM SA, the world’s fourth-largest container line by capacity, said this week it is idling 15 ships because retailers are pulling back orders over falling demand from European and American consumers.
The decision to idle, or “lay up,” ships is a difficult option for owners, as the vessels continue to generate costs without offsetting income. There are two ways to idle ships. In a “warm layup” vessels are anchored and staffed, ready to go relatively quickly when demand resumes. This means saving on operating costs such as fuel but continuing to pay crew salaries and insurance fees and make charter payments. In a “cold layup” a skeleton crew is kept on board for general maintenance but most of the ship’s systems are shut down. Returning the ship to service can cost millions of dollars and requires extensive testing to certify that the ship is safe to sail.

A May 4th article in WSJ ( https://www.wsj.com/articles/some-shipping-lines-may-not-survive-downturn-hapag-lloyd-chief-says-11588612964 ) stated the below points.

Some container shipping companies may collapse if the global trade downturn stemming from coronavirus lockdowns extends to the end of the year or beyond.
The shipping lines that handle the biggest share of the world’s international trade in retail and manufactured goods have canceled up to a quarter of their sailings since late February amid extensive lockdowns and collapsing demand in the U.S. and Europe.
The world’s top 10 liner companies, which collectively handle more than three-quarters of the world’s oceangoing container trade, are looking at steep losses from the falling business.
Germany’s Hapag-Lloyd, the world’s fifth-largest container line by capacity, according to industry data group Alphaliner, has canceled about 15% of its scheduled sailings on major ocean trade routes, including Asia-Europe and trans-Pacific operations.
Some carriers are trying to preserve cash by taking longer trips around Africa instead of crossing the Suez Canal, saving on canal toll costs that can reach around $500,000 for a single big ship. With fuel prices sliding under the crash in oil prices, the cost of the longer sailing makes sense. (OP Note: This increases lead times for buyers and further disrupts company's supply chains)
Hapag-Lloyd has thousands of land-based employees working from home and has frozen management salaries and returned leased ships to charterers. It is not looking at layoffs for now. But the carrier is pushing back an order of six megaships that move more than 20,000 containers each, to add to the six it already operates. Those megaships are the big losers with volumes crashing since many are sailing half full, giving up the benefits operators gain from the ships’ economies of scale.

Knowing the above, see a Feb 28th report ( https://splash247.com/liner-bankruptcy-potential-at-highest-levels-recorded/ ) stating the below points.

The collective Altman Z score of the 14 container shipping companies that publish their financials deteriorated markedly in the 12 months ending September 30, 2019, falling to 1.16 from 1.35 in all of 2018 and thereby signifying a rising probability of bankruptcy.
"IMO 2020 was already going to make this a year of huge disruption for the entire maritime industry," said Marc Lampieri, a managing director in the transportation and infrastructure practice at AlixPartners. "Throw in the coronavirus, the recent deterioration of some key financial measures and whatever other unforeseen disruptions lie ahead, and it's clear that preparing for the worst may be the best way to avoid the worst."

If you're unfamiliar with the Z score formula it is a calculation that predicts the probability that a firm will go into bankruptcy within two years. Anything below a score of 1.8 is considered a "very high" risk of bankruptcy.
So, if this industry sector was reduced to a 1.16 Z score for the 12 months ending Sept 2019 (5 SSLs produced a scores of less than 1 and all were under the 1.8 level), it's probably a safe bet this score has not gone up since. If more SSLs were to go bankrupt, this would further constrain capacity to even fewer SSLs who are already trying to minimize port calls and slow down how fast ships cycle through their scheduled port calls (their "string"), causing backlogs that in turn send freight rates higher. Part of the reason they do this is because of the headhaul vs. backhaul issue that occurs on many vessel strings (i.e. lots of freight moving from a ship's origin to particular destinations, but not from the destinations back to the ships origin or future port calls) causing them to issue "blank sailings" for some ports, which is their notice that the port will be skipped by a particular vessel. This causes many problems with equipment (container) availability and can further distort freight rates and cause backlogs. If they can only make money going one way, they're losing money more often than not. Furthermore, inactive containership capacity through 2020 is projected to move even higher, increasing the recent record statistic for the sector. Below articles for support.
April 8th article (https://shippingwatch.com/carriers/Containearticle12067889.ece) stating the below points.

The large scale sailing cancellations could push the inactive container ship fleet to over 3 Mteu in the coming weeks in the worst capacity crisis that the container shipping industry has ever seen.
Several routes with usually large capacity will be fully canceled in the second quarter, including 2M's major AE-2/Swan service, where 12 ships of 23,000 teu sail between Asia and North Europe. "No market segment will be spared, with capacity cuts announced across almost all key routes," writes the firm.

An article dated May 1st ( https://theloadstar.com/europe-asia-ocean-rates-hit-new-heights-as-exporters-fight-for-what-space-remains/) via the Loadstar provides an example of how capacity and rates can fluctuate and go haywire relatively quickly. Summary below.

Normally freight from Asia to Northern Europe is the headhaul (large volume) and the backhaul is NE to Asia (lower volume). However, due to lockdowns happening at different times in Asia vs Europe, this volume has fluctuated highly. Freight rates for NE to Asia in Jan were $500 for a 40' GP (40 ft. general purpose container), as China was in lockdown and demand was poor and space was plentiful. However, now that Europe is in lockdown and Asia is up and running, demand has spiked on the NE to Asia backhaul (as China lifted out of lockdown) and space is basically non-existent and has forced the rate for a 40' GP from a low of $500 in January to $2000 now in May. This is due to the fact that SSLs reverted to blank sailings for NE ports as demand in Europe dropped due to beervirus and caused freight rates to fall from Asia origins. They've been able to steady the rates at Asia origins at the cost of backlogs and rate spikes at backhaul ports.

For SSLs, the game is complicated and tricky while margins are razor thin and the coronavirus exacerbates this. They're trying to manage rates, whether or not to park vessels and how they should do that, which ports do they skip to save money, and how to keep cash flow (as most of them are very much in debt). Their actions then affect shippers and buyers worldwide and it becomes very difficult to manage costs through out global supply chains. When things are this uncertain, for all parties in logistics, sometimes it's like trying to catch a falling knife when moving cargo. If shippers/buyers time it right they can avoid extra costs but if they are trying to ship at the wrong time they're going to feel the pain in the form of high freight rates, delays (which increase storage/demurrage costs), and chargebacks from shipper's/buyer's customer who receive cargo late (depending on terms and conditions of their contracts).
SSL TL;DR - Steamship lines have been broken for a while but beervirus has potential to be the catalyst to push many over the edge into insolvency. In order to stabilize freight rates, SSLs have been parking container ships at a record pace with capacity projected to shrink by more than 3 million TEU (20' container equivalent), which has never happened before. The more SSLs revert to parking vessels in order to stabilize freight rates, the closer it pushes them to bankruptcy (a double edge sword, if you will) and in turn the more companies will pay to move freight in the future. Even if no SSLs go bankrupt, companies will be paying more to move freight regardless due to virus disruption.

ALs
There has been much already addressed and available about the ALs and I'm just going to assume you're more aware of their history as compared to the SSLs, so I'll make this section short and only provide the details most of you might not get if you're not really involved with logistics.
An article published on May 4th (https://www.stattimes.com/news/global-air-cargo-capacity-down-by-29-seabury-reports/ ) stated the below points (w/ visuals).
You already knew this but ALs getting hammered due to passenger decline related to beervirus. That in turn has affected the flow and capacity of airfreight
Passenger aircraft belly capacity reached an all time low at the beginning of April. It has rebounded slightly, but forecasts shows capacity will not be returning to normal in 2020

Global air cargo capacity is -29% on a YOY basis. (OP Note: A 23% increase in capacity was seen the week of April 22nd-28th for passenger belly aircraft, which is heartening, but considering capacity dropped well over 80%, this recent gain would only constitute ~ 4.5% return to previously normal capacity seen at the beginning of February)
US- Europe lanes have have had the largest impact so far, but disturbances have been felt on every lane globally and the Europe/Africa, Europe/South America routes are still seeing capacity constraints between 60% and 88%.

So, matching the economic data we've seen recently, airline capacity data is abysmal.
Another article release today by the NY Times also states the dire circumstances ALs face currently (https://www.nytimes.com/2020/05/10/business/airlines-coronavirus-bleak-future.html?auth=link-dismiss-google1tap). This article isn't particularly logistics focused, but it provides insight into the passenger side of ALs, which is where they make a majority of their revenue. I've added important points below.

Passenger traffic is down about 94% and half the industry's 6,215 planes are parked at major airports and desert airstrips.
To get through the next few months, airlines successfully lobbied for a huge federal rescue. But half of that money was intended to cover payroll and that will run out by the end of September.
Desperate to preserve cash, the airlines have also aggressively discouraged customers from seeking refunds, offering vouchers for future travel instead...(and) the industry trade group Airlines for America, said that refunding all tickets could lead to bankruptcy.
Payrolls have largely been spared the ax, for now, because Congress set aside $25 billion to pay workers through September as long as airlines refrain from imposing furloughs or pay cuts. But some airlines have already tested those limits, and executives have signaled that layoffs will come when those protections expire.
Most industry analysts and executives expect years to pass before airlines fly as many passengers as they did before the pandemic. Even then, a rebound may come in fits and starts, propelled by medical advancements, an economic rebound and shifts in the public’s tolerance for risk.
Take China, for example. The number of domestic flights there started to recover in mid-February, but plateaued in early March at just over 40 percent of levels before the outbreak, according to the International Air Transport Association, a global industry group. (OP Note: The gain back to 40% could be attributed to the large backlog left from China lockdown and Lunar New Year holiday at the beginning of Feb)
The airlines are triaging. Even as they slim down to preserve cash, they are finding ways to make what little money they can. Many have put otherwise unneeded planes to use transporting cargo, including medical supplies, taking advantage of a spike in freight prices.

ALs TL;DR - With beervirus, passenger belly space has shrunk to unprecedented levels, causing air freight rates to increase by 5 or 6 times their normal costs on many lanes as planes are parked. Companies are forced to pay through the nose for air freight when cargo critical to their operations is needed due to SSL capacity constraints and the extended lead times across all modes of transportation. Companies trying to utilize air cargo will be paying higher costs indefinitely as air capacity doesn't look to return to normal within 2020.

Last, I'd like to move on to look at US inventories and US consumer spending as they are the major catalyst when it comes to freight demand. Using US census data, summarized in the below table (this is preliminary data, so not reflecting recent update today but breakdown takes this into account) , tradingeconomics.com ( https://tradingeconomics.com/united-states/wholesale-inventories ) provides this breakdown of Us inventories: "Wholesale inventories in the US fell 0.8 percent month-over-month in March of 2020, less than an initial estimate of a 1 percent drop. Still, it is the biggest decline in inventories since September of 2011. Stocks of nondurable goods slumped 2.7 percent (vs –2.6 percent in the preliminary estimate), while durable goods inventories edged up 0.5 percent (vs 0.1 percent in the preliminary release). Year-on-year, wholesale inventories were down 1.7 percent in March."
https://www.census.gov/econ/indicators/tab2adv.pdf
Typically, high inventory points to economic slowdown, while a low reading points to stronger growth. However, this generality is not true in the current environment. We're seeing inventories lower due to supply shocks presented by the beervirus but at the same time we're seeing major demand shocks so we have this peculiar instance where inventories have fallen the most in over a decade, but still did not fall as much as expected.
Now look at consumer spending ( https://tradingeconomics.com/united-states/consumer-spending ).
Splash Mountain
And now with tradingeconomics.com forecast.
https://preview.redd.it/657ykdocy1y41.png?width=875&format=png&auto=webp&s=76997dad3a5c80c6fe82186241cf690bf94f7cf6
I argue that this shows supply is catching up to demand, as we can see that consumer spending has fallen off a cliff and is projected to fall further.
So, you might be wondering, what does all of this means and what am I getting at?
Within logistics there is a phenomenon that occurs when supply and demand are not managed and become dislocated. This is called the Bullwhip Effect. With the turmoil associated around major players in the logistics industry (SSLs & ALs) and general uncertainty in regards to the the economic outlook, we can expect increased costs associated with inventory, if companies have too much inventory (which is looking like the lesser of two evils IMO depending on the situation), or increased cost in freight spend, if companies don't have enough inventory (which, considering the wild swings in rates, could be devastating in cost). Either way, the point is cost. Costs are going to go up to move all the consumer goods we have been accustomed to buying so cheapy over the last decades of the expansion of the global market place that was supported by the expansion of capacity in global SSLs and ALs. That is why I'm not buying the deflation narrative that is being passed around currently and supported by the FED. Logistics services have been widely overlooked as a major contributor to the deflation in CPI we've seen over the last decade or so, as this coincides with the alliances created in SSLs and rate wars that ensued. We will see consumer prices increase and inflation will return whether the economy rebound quickly or not. I am short gold, silver, and select precious metal equities, long on global risk assets until this mess can be sorted out.

TL;DR - Logistics services have expanded with globalization and have become key players in keeping companies operating smoothly. SSLs have been creating alliances over the last decade, which caused rate wars (lowering freight costs). Due to beervirus, SSLs and ALs are severely hampered and are parking assets at a record pace, severely reducing capacity that is extremely difficult to expand in any kind of short-term basis. The disruption to supply chains will cause bullwhip effects across supply chains worldwide. This will raise prices for most goods with certainty. I am short gold, silver, and select precious metal equities, long on global risk assets until this mess can be sorted out.

Conglomerates have long been considered as the megafauna of the corporate world. Although some observers, especially those in the West, believe conglomerates lack focus, in Asia conglomerates tend to be revered as the hallmark of successful entrepreneurship. Since conglomerates are often large, multinational and are made up of independent entities that operate in multiple industries, they tend to be highly adaptive and are usually able to withstand various shocks due to their diversified nature.
Nevertheless, to many investors, public companies with different business units are often regarded as “boring” stocks, as they lack a singular story that drives investors’ interest like what many tech companies have been able to achieve. With multiple business segments in different industries, some might deliver great returns but some would be far from ideal.
However, this perception of yours is going to change as China Brilliant Global Limited (8026:HK) (hereinafter referred to as “CBG” or “the Group”) offers a fresh insight into how a company with various business segments should be run, in which the Group disposed loss-making investments and assets while focusing on expanding their profitable businesses.
Why now is the time to watch China Brilliant Global Limited (8026:HK)?
The Group’s businesses are grouped under 3 operating segments focusing on Trading & Retailing of Jewellery, Money Lending and Trading and Distributing Pharmaceutical and Healthcare products. These 3 operating units are among the hottest ‘booming’ sectors in the world’s second largest economy.
Trading & Retailing of Jewellery
Guangdong is the country’s main location for jewellery production, while Shenzhen city is famous for jewellery processing. The Group’s retail and wholesale business located in Shenzhen gave them a competitive edge as Shenzhen accounts for 70% of China’s total jewellery sales. The strategic location of their business not only gives them greater access to more potential buyers, but also help them lower the logistical costs of transporting the jewellery around.
Money Lending
Tighter bank credits in China means more opportunities for money lenders. With strict internal risk control, providing credits to reliable borrowers could bring in great source of income to the group. In addition, the markets are forecasting interest rate cuts by central banks, which will increase the appetite for borrowers to take out loans.
Pharmaceutical & Healthcare Products
There are a few reasons driving the growth of pharmaceuticals and healthcare products in China. As a superpower, China wants to be an important innovator of pharmaceutical products. In addition, a burgeoning middle-class, rapidly aging society, and an increasing health awareness to obtain higher quality treatment present vast opportunities for the industry. According to DBS analysts Mark Kong and Chris Gao, the “development of China’s healthcare system is still in its infancy, as reflected by low healthcare expenditure as a percentage of GDP...and a smaller proportion of its population aged 60 and over,” They believe there is still “plenty of room to grow because as the population ages, the demand for medicine will increase”.
This ‘Conglomerate’ Stock is Poised for Major Growth!
The Group’s Jewellery business under the Luk Fook brand has enjoyed an increase in revenue of approximately 101% year on year. The increase in revenue from the Jewellery Business for the period under review was mainly because of the increase in wholesale of golden jewellery products in PRC. Other jewellery products sold by the group includes gold, karat gold, platinum, diamond and gemstones. There are few factors that are going to increase the profit margin of this business segments.

The Gold factor: Gold price hits 6 years-high as investors await US interest rate cut amid growing concerns over the US trade war with China, tensions between Tehran & Washington and Brexit. In recent years, resistance above $1,350 an ounce was too much for bullion to overcome, but that changed in June. Spot prices touched $1,453.09 on 19 July 2019.
The strategic location of the in retail and wholesale businesses are carried out in South China, region which economic activities are most active.
The Group intends to identify more jewellery wholesaler customers in South China, thereby expanding it’s secondary gold sales agency business. The Group has secondary membership of Shanghai Gold Exchange, which allows them to place orders for bullion via the online trading platform of Shanghai Gold Exchange and wholesale gold jewelleries to jewellery wholesalers.

Recent Increase in Gold Prices Signal A New Opportunity
The Fed looks likely to cut interest rates by 25 basis points, with some observers expecting a higher reduction of 50 basis points. This would be the first potential reduction since the financial crisis. Such a cut would depress bond yields, the prospect of which has added to the lustre of gold for investors. The metal serves as a hedge against potential weakness in the global macroeconomic environment. Investors see no end in sight to the trade war between the US and China despite multiple talks between both sides. The meeting between President Trump and President Xi at the G20 summit in June has also failed to produce conclusive results. Gold could be one of the biggest winners and this will greatly benefits gold miners and traders. This could be real opportunities for investors as uphill trend of gold prices means higher profit margin for the group.
New Market Reach Could Be Unparalleled
Gold buying spree behaviour from the People’s Bank of China tells us one thing or two, which is to collect as much of the safe haven asset as possible to prepare for tougher economic conditions. As long as the secondary gold sales agency business in the group continues to expand as planned, the group may commission external factories to process more bullions into finished gold jewellery, thereby increasing sales to jewellery wholesalers.
As CBG (8026:HK) increases its footprint in the Guangdong province through leveraging its existing network, based on the success the jewellery business brings to the Group, the revenues are expected to increase in a much faster pace compared to last year.
Consideration of further expansion in the Money Lending unit
The Group commenced its Money Lending business in 2016 by acquiring a group of companies with a valid money lending license in Hong Kong to achieve additional income source. The Money Lending segment continued to grow and currently bring positive results to the company.
Amidst a weak global macroeconomic environment, central banks around the world have been widely expected to cut interest rates, starting with the Federal Reserve in the US. As Hong Kong’s monetary policy is essentially pegged to the United States, any rate cut in the US would bring about a similar rate cut in Hong Kong. With lower rates on the horizon, more borrowers would be encouraged to take on loans, benefitting lenders like CBG.
Similarly, weak bank lending data from mainland China this year are prompting fresh calls for further monetary easing by the People’s Bank of China. This could be an opportune time for CBG to expand its money lending business in the mainland, as reduced bank lending calls for more alternative sources of financing which is exactly what CBG is offering. Even though money lending is the newest business of the Group and only contributes a small amount to the Group’s total revenue, expansion plans in this segment could potentially make this one of the most important business units of the Group.
Some investors may recall losing money in the stock market during the US subprime mortgage crisis in 2008 where financial institutions were brought to their knees in the process. Rest assured, investors need not worry about CBG as the Group has conducted internal risk assessment on its loan arrangements and noted that its borrowers have substantial investments and assets which support their respective financial capability to repay the loans, thus no securities or collaterals was sought. The purpose of the loans is merely to enhance the short-term cash flow of borrowers. This stands in contrast to the risky lending behaviours engaged by US banks in the build-up to the crisis, where even borrowers with no credit history, no assets, and no income were able to obtain loans.
More Partnerships Signal Additional Market Opportunities
The Pharmaceutical business recorded an approximately 142% increase in revenue year on year to ~HK$24.2 million for the 9 months ended December 2018. The stellar performance was due to strong business relationships with target pharmaceutical companies, chain pharmacies and target hospitals from West Guangdong.
It’s true that new markets are difficult to enter, especially when Beijing’s attempts to open up to private foreign investors remain slow. National problems require local solutions as policies are different across states and provinces in Mainland China. Fret not, as we are about to show you how CBG could solve the chronic imbalances of medical equipment problem in China’s healthcare system.

CBG holds the essential license to engage in sales of pharmaceuticals, healthcare products and pharmaceutical consumables in targeted pharmaceutical companies, chain pharmacies and targeted hospitals.
CBG has a strong network with hospital in Guangdong province, covering at least ten cities in the province.
CBG operates a comprehensive medical distribution channel.

CBG’s strategy is clear, that is expansion. Their focus resides on scaling their business into a higher level by leveraging the existing relationships and trusts they have been building for the past few years to keep scaling their medical distribution channel, capturing more sales for the group.
What is important for investors to note is that even though CBG’s businesses are in fast growing industries, its businesses are actually pretty defensive. The Jewellery business benefits from increased interest from buyers and investors at a time of economic uncertainty. Conventional wisdom also suggests that the super rich usually stays super rich regardless of how the economy is doing. Not being affected by economic downturns suggest that they will continue buying jewellery as they please.
Similarly, Money Lending business is also stable during times of weakness as fewer borrowers obtain conventional bank lending. The prospects of interest rate cuts are hugely beneficial to any money lending business, especially one like CBG’s which is in the position of rapid expansion.
Last but not least, success in the Pharmaceutical and Healthcare business are primarily driven by demographic trends. Regardless of how the markets are doing or what additional tariffs come next, pharmaceutical and healthcare are industries that will be in demand.
It is perhaps surprising that a conglomerate like CBG can combine all 3 seemingly unrelated businesses under one roof. It is even more surprising that these 3 businesses are in high growth yet defensive sectors. CBG (8026:HK) will be a safe bet regardless of when the next recession is going to hit.

[EVENT] Diplomatic Leak - Chinese Boycott of Japanese Goods

Matrix AMA - Summary of all answered Questions

Now that the AMA is over I though a thread with all answered questions would be great - Here are all answers from the AMA:
Does the Matrix side chain still utilise the MAN token behind the scenes? I know they have their own tokens but I'm wondering if MAN is still used throughout the side chain? or even at all?

Owen: This is determined on a case-by-case basis. Sidechains have the ability to use both MAN tokens or their own currency to pay for gas. This determination depends on several factors including each sidechain project's plans for how to handle mining and verification nodes.

Please could you give an update regarding the One Belt One Road project - are there any further developments? any new projects/companies we may not have heard of?

Owen: Regarding OBOR-related project updates, we are currently participating in some logistics projects related to the “Yu Xin Ou” route (“渝新欧”). As mentioned above, this is the railway development project to link Chongqing to Europe. At the same time, we are working on some AI development platforms and digital railway management systems in other countries along the OBOR.

China is planning to build a 13.8 billion yuan ($2.1 billion) technology park for the development of artificial intelligence.In Mentougou district in Beijing. Is Matrix AI going to have some involvement / offices in this park ?

Owen: Hello! Thank you for your question! The first one of the day! We are aware of the Mentougou park but we currently do not have plans to participate in this specific park. However, we are already in talks to participate in the development of other such parks.

In the last AMA, you mentioned some level of integration or use in Smart City projects? can we have any details or future plans regarding this?

Owen: Certainly! The Matrix AI Network is already actively carrying out work in several so-called Smart City projects. One thing I can share is a smart platform we are making as part of a Smart City Firefighting and fire-prevention project. We will likely share more information about this project in the coming months.

How will Matrix AI holders directly benefit from the MBC Project (involving PetroChina) if they are using a sidechain and are not charged fees in MAN? Can you give more details on this arrangement?

Owen: Question number 2! The MBC Project’s applications and operations will use the computing power and related resources of the Matrix AI Network, which means they will use MAN to pay for these services.

When will MAN be available to buy on more exchanges? Are there plans for a Binance listing?

Owen: As mentioned elsewhere here, while we can't speak to specifics, our team is actively working to find opportunities to cooperate with exchanges.

Are there news/follow ups concerning the external financial audits that were planned and announced during the last AMA?

Owen: Yes! The Matrix Foundation is currently actively working with Ernst & Young to complete the first year audit.

Can we have updates concerning your partnerships? How will the shipping company partnership increase market share? What progress has been made with OBOR? Is the hospital using MAN on a wide scale basis? IDA was supposed to be your first Dapp. What happened with that? What is going on with the subway deal? Is the AI aspect of your project advancing? Will you increase your marketing campaign?

Owen: I would be happy to provide updates about several of our partnerships.

The cooperation with the MBC project will greatly expand our reach in the logistics industry and provide us even more market participation opportunities in projects along the Belt and Road.

We are currently participating in several logistics projects related to the “Yu Xin Ou” route (“渝新欧”). This is the railway development project linking Chongqing to Europe. We are also beginning to arrange AI development platforms and digital railway management systems in other countries along the Belt and Road.

There are already multiple hospitals using Matrix’s cancer diagnostic system.

The previously mentioned subway project is still ongoing. We will have a progress update to share soon.

As for our plans for AI, there are several new developments – too many to write here. We will update out whitepaper in the near future. The updated whitepaper will include details about our future plans.

Steve: Our technology platform for the MBC Project will create new efficiencies for brokers and suppliers using their global shipping service. In addition to our growing number of customer-facing Dapps, Matrix AI Network’s capabilities to support industry are B2B enterprise applications. The contribution to market share is primarily in terms of use cases that other large-scale projects can refer to and see our technology implemented at scale. As a platform, Matrix AI Network supplies the underlying technology and integrations, without being directly involved in business and operations of projects.

We see large (Chinese) tech companies moving heavily in to AI... Do you intend to supply these companies with computational power ?
Whats your general view on the rapidly emerging AI market and where you see Matrix AI's place in it ?

Owen: Yes! We have every intention to provide computational power to individuals, companies and other organizations. Our hope is that, in the future, everyone will have access to AI computing services.
In our view, we think there are three vital components in the AI industry: computing power, data and algorithms/models. Matrix is currently solving the issue of computing power. We have a very ambitious vision for the future of Matrix – one that addresses all three of these components.
We are planning to release an updated version of our whitepaper in the near future which outlines our vision in greater detail.

Since matrix plan to run it's own validators (and may be miners) after public validating / mining begins:
How many validators (and miners) do you plan to run?
How much each staked?
What's your plans with those rewards which matrix's own nodes will get?
Do you think this is unfair for the community and other public validators / miners?
Do you have any plans to make special validators / miners for team itself, which will run but never get any rewards so actual public validators and miners will share tue rewards and you can be sure that you're running the show with the team's self validators and miners?

Owen: The Matrix Foundation will deploy a TBD number of miners to ensure the stable and normal operations of the Network. When miners and verifiers staked by the community are unable to mine or normally produce blocks – for example, they might suddenly go offline – the Matrix Foundation nodes will step in and perform the work to ensure that the network remains uninterrupted.
However, the Matrix Foundation miners will not receive and block rewards for this mining work, nor will they be selected during the regular course of mining activities if there are sufficient community-staked nodes.

1. Can you tell us, when you plan to have real world applications used in reality and having an effect on the coin circulation?
2. Do you plan to implement a second layer solution for increasing TPS etc.?
3. There was an announcement that Matrix blockchain will run on IPFS. Can you give us an illustrative example of how this enhances the functionality of Matrix AI?

Owen:

Besides our mining network, there are several real-world applications coming including our cancer diagnostic applications. These will be open to the public and use the MAN token as the medium of distribution. So, this is one example of a real-world application that will have an effect on coin circulation.

Layer-2 solutions is something that we are actively exploring.

We view AI comprising three key componets: computing power, data and algorithms/models. In the future, we hope that everyone will be able to control their data and own all the benefits and value derived therefrom. This is why we have decided to use IPFS technology to store data. This method allows everyone to protect their own personal data.

Steve: Because our delegate node architecture already serves a similar function, as evidenced by our high TPS, we are in no rush to introduce a formal layer-2 solution. However, we believe this technology will be important in the future, so it is something we are exploring and planning for.

With Matrix AI's award winning image recognition capacity (and predictive analytics).... have you reached out to companies looking to :
analyse satellite images to track oil , crop , and water inventories ?
Insurance on auto claims where dash cams are involved ?
Banks wanting to detect fraud and criminal activity ?
Hedge funds wanting AI assisted asset trading ?

Owen: Professor Deng’s award-winning image recognition technology is certainly of great value to the Matrix AI Network. To answer your question, we are currently in discussions with partners to tackle fraud detection, criminal activity and asset trading.
We currently are not in discussions with any companies relating to the analysis of satellite images to track oil, crop and water inventories; nor are we doing anything with dash cams.

Matrix is a member of the Advanced Telecommunication Chain Industry Alliance in Tianjin, China.
Now... Vice mayor of Tianjin Sun Wenkui has pledged up to 30 million yuan (from a fund totalling $16 billion) in financial support for every AI-related research institution.
My Question : Has Matrix foundation received Government Grants from Tianjin ? if not I'd like to know why .... Id also like to know if there are other Grant opportunities that Matrix is pursuing?

Owen: There is the possibility of receiving grants from the Tianjin Government – this is something that is progressing and ongoing. There are quite a few steps to this process. There are certainly also other grant opportunities out there. Matrix is always on the look out for suitable grant opportunities relating to industry, academic and research.

We know the use of cryptocurrencies is difficult in China. It is understandable if Matrix cannot deal with Chinese entities exclusively in MAN tokens as payment etc. With that in mind, in what ways can Matrix ensure the usage of the MAN token? Any ideas or plans about that? Thank you!

Owen: The first thing I’d like to say is that we are designing the Matrix AI Network to be a global network, rather than a platform that solely serves the Chinese market. To specifically answer your question, there are several companies who can work with us to serve as a proxy or gateway for payment settlements in China. We do not foresee this being a huge problem.

Steve Deng recently spoke about a "payment module" that is soon to be released.
He stated; that it was a "crucial step for advancing real world applications" and "managing relationships"
Can you provide more information on what this payment module is ?
- One might infer that matrix is allowing customers to utilise the AI services using fiat....avoiding restrictions placed on the use of utility tokens insome jurisdictions around the world. Does this have anything to do with recent CAC announcements ?

Steve: The "payment module" comprises three basic functions. The first is a set of prices for using our AI models and datasets. The second is a method through which to accurately track th eusage of these AI models and datasets. Finally, the the function involves payment settlement.

Has a decision been made to have a second raise (ITO) for strategic investors ?
If so can you disclose who these investors are ?

Owen: We will eventually enter a strategic investment cooperation with select investors. However we have not yet finalized the list of potential investors, so it is not something imminent.

What patents has Matrix AI secured and what entity owns the rights to those patents ?

Owen: We have secured several patents including patents relating to our node deployment and election methods, blockchain architecture, and transaction verification techniques, just to name a few. All rights belong to the Matrix Foundation.
Steve: Matrix's Chief Network Architect, Bill Li, and I have applied, or are in the process of applying, for 30 additional patents related to AI technologies in industrial systems. Many of the patents are specific to applications in high-speed rail, although the data processing, AI models and system integration can be generalized to other hardware and software systems, from self-evolving blockchains to smart cities.

Can community kindly know the smart choice in buying hardware for a CPU based node now, versus when you plan to release own MAN rig ?(which may or may not make earlier hardware obsolete?) It’s frustrating to buy hardware not knowing if it’s a waste in 2 month or can be used for 12 months ! Loss or profit? It is still not clear if validator nodes have same hardware specs as miner, as it seems not needing the CPU under testing? Are there more specific information in Chinese to follow?

Owen: Currently, regular PCs can perform mining and verification tasks. You do not need to go out and buy specific hardware to participate. Certainly having a more powerful CPU will provide an advantage when performining mining tasks. However, there is no way for me to give you specific hardware recommendations to outperform other nodes as it depends largely on what the other nodes are using.

What is Dr 黎泽明 involvement with Matrix AI ?

Steve: He was my master student. Zeming developed a series of award-winning deep neural networks. Now, he is with Face++ as he already had a commitment with them before graduation. We talked about future arrangement a month ago and has expressed interest in joining MATRIX once we start the cancer immunotherapy project.

Im sure you are aware of Certik and Quantstamp
Does Matrix AI network intend to provide debugging services to other Block-chains and their associated contracts/dapps?
Matrix's position in China Standard Beijing Huabiao Weiye Technology Development Co. Ltd
can be leveraged to make Matrix a recognised auditor .... what steps, if any, are you taking to open Matrix up to this market ?

Owen: Thanks for your questions! We plan to offer debugging services to other blockchain projects. As for the China Standard Beijing Huabiao, we have formed a committee and are developing certain blockchain industry standards. After, the next step will be to promote these standards to more and more relevant companies and organizations.

Given the recent scrutiny of Chinese blockchain projects and companies behind them, will you kindly clarify the legal entity which own and are responsible for Matrix/Matrix Foundation, including address of business as in business license (Chinese is ok)?
Matrix.io homepage and the white paper does not seem to contain any information on which company or person who is responsible for its content?
Critical for token holders to understand Matrix is held by responsible employees in a legally registered company.
Can Matrix verify to token holders, that future business will be held directly in Matrix Foundation and MAN, directly connected to the registered company behind it?
For NEO/ONT relationship, it appears that NEO is developing while Ontology will get the income business, and it will be great to know the same will not happen with Matrix!

Owen: The legal entity responsible for the Matrix AI Network is the Matrix Foundation. The Matrix Foundation is registered in Hong Kong.

Could you please go in to more detail of how "Revocable" and "Reversible" transactions are executed on the network ?
could you also provide some example use-cases for these types of transactions ?

Owen: We have merged "Scheduled", "Revocable" and "Reversible" transactions into a single function. These transactions can be revoked or cancelled so long as the transactions have not-yet-taken place. Once the transaction is complete, it can not be reversed.
One of many potential use cases for these kinds of transactions is as follows. Let's say I have agreed to send you 100,000 MAN tokens for a service you agreed to provide. This service will only be completed one week from now. Using these types of transactions, we can set and agree to all the details. During the one week period between our agreement and the completion of services, I am free to use these tokens for other things such as adding to my mining stake (just for example). In a way, this increases the operational value of the MAN token.

I would like to know if you have a date of release of the official matrix mining machine as well as the technical characteristics? His price?
I have a connection of 6mbits is this enough?
Regarding the airdrop, can we have information about the future portfolio? date change of tokens to participate in airdrop? Deadline for trading tokens man to benefit from airdrop?
Do you know when it will be possible to mine with a masternode? What would be the characteristics of a personal mining machine to participate in the masternode?

Owen: We currently expect to release more detailed information about the Mining Machine in April. However, the tentative plan is to release the Mining Machines in August. We expect to start the token swap several weeks from now. Not too much longer to wait!

Will there be an option to allow payment of masternode rewards in £GBP or $USD to say PayPal, via an adapter? such as what chainlink will allow: https://twitter.com/chainlinkfan/status/1097359273686753281
The reason I ask is for tax reasons, if the MAN token is say 100 dollars and it drops, the time in which its mine i believe is classed as income tax and when you dispose that's capital gains tax on top. If you can get paid straight into £GBP or $USD then it saves one extra tax event AND also issues with price fluctuations. I for one may not end up running a node now due to tax complexity.
I know this isn't directly a concern for Matrix but it would be really decent to have something like this. Cheers!!

Owen: There is currently no option to allow block rewards to be paid out in GBP, USD or other fiat currencies. We also currently have no active plans to support this feature. In the future, if we wanted to do something like this, we would likely need to rely on a partnership with an intermediary or a bank.

Hello, can you try to get listed on Binance if not Binance how about UpBit? and work on your marketing because without marketing and Binance or Upbit or any other big exchange no matter how good the product is Value of MAN is going nowhere. From an investors point of view, this is very crucial.

Owen: While we can't speak to specifics, our team is continuing to work hard to find opportunities to cooperate with exchanges.

Do you have plans to integrate WASM into your platform for developing applications?

Steve: Yes, we do have plans to systematically exploit the advantages of Wasm. First, we want to use Wasm to lower the difficulty in the deployment of AI and other applications. Second, we plan to use Wasm as the future intelligent contract engine. Our current thinking is to base the next-generation Matrix virtual machine on WebAssembly.

I have some general questions about Matrix's IPFS system.
- Will there be compatibility with popular infrastructure such as Amazon S3 , Dropbox, Alibaba cloud ?
- Will storage be purchased through both MAN and Fiat through " payment module" mentioned by Steve deng ?
- Will the system ensure anonymity aswell as security for the clients ?

Owen: Yes, there is compatibility with other popular infrastructures like Alibaba Cloud. The IPFS system also has the ability to ensure the anonymity and security of clients via permissioned nodes.

When will be smart contracts ready? When natural language?
When on roadmap u see MCMC?
Do you plan to build DEX decentralized exchange?

Owen: For the questions relating to intelligent contracts and natural language programming, I will wait for Professor Deng to answer as this is his area of expertise.
Regarding plans to build a DEX, our mainnet already includes an exchange function. You will all be able to access this function on our new web wallet once it is released.
Steve: This April, we will have the 1st generation smart contract verification toolkit online. A more comprehensive version will be ready in the latter half of 2019. As for natural language intelligent contracts, we plan to release a template-based version in the latter half of 2019.

When the miners are released that run the Markov chain Monte Carlo computing, will they be required to stake MAN coins to contribute to the AI services if they don't want to mine or validate at all?
How much does it cost in MAN to invoke a smart contract?

Owen: While the mining machine supports dual-operation, it also allows for stand-alone operations for AI services. In this case, there is no need to stake tokens.

The AI medical space is becoming increasingly crowded with the likes of (Albaba) "Ali Health" to develop applications including AI-assisted screening and diagnostics in China
What strategic advantages does Matrix AI have over competitors in the (AI assisted) diagnostics space ?
What specific milestones have been achieved with partnered hospitals ?

Owen: First, we have world-class algorithms and AI scientists who have won several international competitions. Second, I believe that distributed AI networks – rather than centralized solutions – will be the driving force behind the evolution and development of AI algorithms. There are already several hospitals that have started using our cancer diagnosis system. A large number of international hospitals have also already expressed interest in using our technology.
Steve: That’s a very good question. Ali and Tencent are more aligned to collecting patient data by taking advantage of their competency in cloud computing. As big companies, they have to handle problems with a large patient population so that high operational costs can be neutralized. So, they have a preference towards image-based diagnosis.
We take a different path. First, we are targeting a few very challenging problems which depends on treatment records and other laboratory tests. Second, we are collaborating with leading hospitals to develop cutting-edge research. In 2009, I got support for cancer immunotherapy from the Chinese National Science Foundation and China Ministry of Science and Technology. Third, we have high quality patient data from early screening, to CT imaging, until biopsy. So far we have the data of over 2,000 patients and all data are labeled by the best doctors of China.
We are now closely cooperating with the Shanghai Huadong Hospital and the Shanghai Pulmonary Medicine Hospital. These are the best Chinese hospitals in CT imaging and lung cancer treatment.

In what ways does Matrix intend to outperform competitors in the field of AI and EDGE computing ?

Owen: We have Professor Deng!
Steve: Thank you Owen!
In the arena of AI, one advantage of MATRIX is that we have an integrated solution to protect the interests of data providers, model developers, and application designers. The blockchain is used as a trustworthy ledger to keep track of the data and model usage so that the contributions of data providers and model developers can share the return of applications. Another advantage is that we are able to organize the nodes on the blockchain into a super computer. Since only a small of number of nodes are involved in mining, the remaining nodes can export their computing power.
In terms of edge computing, MATRIX will integrate both cloud and edge computing models for IoT applications. In fact, the customized mining machines of MATRIX are just machine learning accelerators, which can be seamlessly integrated and used as the computing nodes in edge computing.

The barrier to entry in to AI has been significantly reduced by opensource frameworks such as Google Tensor Flow.
Does Matrix see this as a threat ?

Owen: I do not believe this is a threat. The development of AI technology is still in its infancy. There is a large number of open-source projects that I’m sure will contribute to the development of the entire field. Everyone currently engaged in AI research and development can and must learn from one another to improve the technology for everyone.
Steve: No. Opensource frameworks actually ease the development of AI models because there is no need to worry about the implementation details. My students always use TensorFlow. Nobody would write CUDA programs like I did ten years ago!

When will GPU mining be available?
When will FPGA mining be available?
When both GPU and FPGA are available, will CPU mining still be possible through some sort of CPU reserved group? For example: with 21 miners, would CPU miners always account for a certain percentage? (i.e. 7 of the 21 miners)

Steve: GPU mining should be available in the summer of 2019. The plan is for FPGA mining to be available by the end of 2019.

Will GPU and FPGA be used for both miners and validators or will validators require a different computing power configuration?

Steve: In the future, GPU and FPGA can be used for both miners and validators. Both miners and validators can use the same hardware setup.

When will the pooling smart contract be available for mining & verification nodes? e.g. I don't have hardware & want to combine my 20k MAN with someone who has 80k MAN & hardware in order to qualify for verification node.

Owen: Pooling functions will be available shortly after the token swap is completed.

Steve: I'd like to add a few comments about the AI AcceleratoMining Machine. We already support neural network processing as part of our vision for Green Mining.
The flexibility of the FPGA allows us to expand the number of models. MCMC is one such model. THE MCMC algorithm-based mining is actually ready. My students have already developed the hardware -- the so-called Bayesian computer to accelerate the MCMC algorithm. Right now, one concern about the practicality is that the verification of MCMC results requires a lot of network bandwidth.
Owen: We do! Though please forgive us as we are not ready to publicly share these plans at this time.

How important is the Bayesian Artificial Intelligence Learning Algorithm for Matrix' overall AI and blockchain technology implementation? I.e. how far spreading/where is the algorithm deployed internally (e.g. for big data analysis on chain, continuous blockchain parameter adjustment like block time, difficulty, within the GANs etc.) and externally (e.g. for medical screenings, financial services, logistics platforms etc.)? Would you consider Matrix' Bayesian Artificial Intelligence Learning Algorithm one of the centerpieces of Matrix that is one of its main value propositions?

Steve: Happy cake day! Actually, there is not a single AI algorithm called Bayesian Artificial Intelligence Learning Algorithm. We are using many different AI algorithms to make MATRIX better. We use AI along with formal verification techniques for the security of smart contracts. We use AI to synthesize smart contracts from human languages. Even our miners are selected by an AI-based clustering algorithm. The integration of these algorithms into a blockchain, which is faster, safer, and smarter, that’s the value of MATRIX.

How will money raised from the sale of Matrix FPGA miners be accounted for? What entity will register the profits and who ultimately controls those profits /losses ?
How will the benefit of the development of these miners directly benefit the investors in the MAN token ?
Does Matrix intend to increasingly branch out operations in to the sale of hardware ?

Owen: We will work with several partners to handle the sale of the Matrix Mining Machines. There are several benefits to current MAN token holders. For instance, those using mining machines to perform mining and verification tasks will of course need to stake tokens, this will have an impact on circulating supply. Additionally, these mining machines are quite efficient at performing mining and verification tasks, which will likely raise the difficulty of the network. While this will increase operational costs, it will also have a positive impact on token price.

"Matrix takes advantage of the distributed storage of blockchain, point-to-point transmission, consensus mechanism, encryption and other technologies to shield the complicated connection establishment mechanism, and makes use of peer-to-peer direct connections, safe communications and anonymous protection to accelerate disintegration of information islands and data silos"
From the above statement I take that Matrixs position may be to serve as a convergence and data processing point for large businesses that cant/wont share their data.... lets say on credit scores of individuals and outstanding debts.

Owen: I would say that your statement only covers one part of our future plans -- namely our plans for enterprise clients. We are also committed to providing services to individual users. We view individual users as being extremely important as well.

Could we really see something of what you are doing in terms of projects, developments, etc. for example as short videos (if not under NDA)? Even small showcases would be awesome.

Owen: We plan to share updates regarding existing projects, developments and partnerships over the coming months. I can't say for sure whether this will be in video-form, but we will be updating the community as much as possible.

Now that the main network is almost ready, when the wallets for Android and Ios will be released. Are they already working? Do you have an approximate date?

Owen: We are very happy that the Matrix Mainnet has launched. We estimate that we will released Android and IOS wallets approximately 2 months from now.

Any estimate as to when the AI Medical Demo will be released?

Owen: We can share things about this now. I will instruct the team to prepare something for release over the next week or two.

Thanks for doing this AMA! Will there be any dedicated wallet software for $MAN or potentially any plans to work with the Ledger community for integration? Planning on running a mining node and want to make sure my tokens stay safe!

Owen: We do have a software wallet. I expect it will be released in April. We are also in communication with other wallet providers to secure Matrix token support.

What can we currently do on the mainnet?

Owen: In these first few days, you can only view mainnet progress on the blockchain browser – For instance, you can view things like TPS. In the testnet, we demonstrated over 5000 TPS. Our goal in the initial phase of the mainnet is to hit 10,000. After the token swap you will be able to stake masternodes. As apps are developed and released, you will be able to play with these as well.

As with the latest test we've done so far.
Linux client can use all the available cpu and cores.
But windows can not, by design windows splits to affinity groups which if a machine have more then 64 cores. for eg: windows machine with 4 cpu (96 core) will only use half of the cpu and cores because of the limitations, even we selected full group affinity for the gman.exe it can only use half of the cpus (and half of the cores).
We asked about this before but couldn't get answer. Any chance team reviewed this?
Because in this case windows validating / mining is not feasible on high end machines.

Steve: We probably will not deal with the work splitting on a single node. Instead, we are developing a scheduling and mapping framework to distribute jobs to nodes on a blockchain

Mining question: Does it really make much diffrence when you use an “old processor” for example an AMD3 against to a newer one like AMD4?

Steve: It depends! For highly sequential programs, a new CPU only offers marginal, it any, performance improvement. But given a highly parallel workload and a massively parallel processor like GPU, a new one may offer a big edge.

Do you think rival blockchains that don't utilise AI features such as GAN's etc will be surpassed very rapidly by AI assisted blockchains?

Owen: Absolutely! We strongly believe in the potential of AI blockchains. Steve: It's not such a simple question. Modern AI is not mature enough to independently handle various uncertainties in the real world. I prefer to say that blockchains with AI features will gradually gain an advantage.

When independent audit PwC Ernest Young?

Owen: The first-year audit is currently being conducted by Ernst & Young.

When is miner / verifier selection going to be known? When can the candidates expect to know if they're approved or not.

Owen: There is no approval process to staking a mining or verification node. If you stake enough tokens and have a suitable computer, you can stake a masternode.

For Horse Saga, What currency will be used for buying and selling horses? I'm assuming Matrix, but can someone confirm this?
Also, other than selling horses and leasing them for breeding, is there any other way to earn Matrix within the app? For example, will winning a race earn you $MAN?

Owen: In Horse Saga, MAN tokens can be used to buy and sell horses. You can also win MAN tokens by playing the game -- for example, as you said, you can earn MAN tokens by winning races.

Any update on EDF? It was announced in December.

Owen: This is still an existing project. You can expect further updates once the token swap is complete. We appreciate everyone who has shown interest in the EDF and thank them for their patience. I am sure it will result in some wonderful projects.

At the moment EOS and TRON dominate the gaming Dapp space. Is Horse Saga the first step toward Matrix trying to seriously compete with these heavy hitters? I'd love to see more dapps developed on the network

Owen: To be honest, we believe that the approach of many other chains -- namely, simply throwing money at developers to developer DAPPs -- is not the best way as it results in a large number of low-quality applications. Our approach is different in that we want to focus on a smaller number of high-quality applications. Once the ecosystem is populated with high-quality applications, we believe that this will attract users and therefore more developers.

I'm so excited to see how much this project will achieve in the future. Thank you for your hard and expert work! Question: Will the Matrix AI team be setting up a ValidatoMiner guide for non-developers? Outside of the developecomputer science community, I think many MAN token holders like myself would benefit from an easy-to-follow step-by-step guide in setting these up.

Steve: Yes. Actually, everything is for non-developers. Specific guides will be released. Also, we will eventually release programs that automate much of the process.

What ai applications are you personally most excited about?

Steve: Right now, I am very excited about machines that think and learn like people. The essential thing about human beings is that they can learn how to learn. Intelligence is the ability to adapt to changes in the environment. So, I am also very excited about models that deal with these issues.

Will Matrix have any involvement with this collaboration? https://www.media-outreach.com/release.php/View/6911/Arrow+Electronics+Teams+up+with+Thundersoft+to+Help+Asia+Engineers+and+Developers+in+Asia+Design+AI-Powered+Edge+Devices++++.html

Steve: At the time, there is nor formal collaboration between them and Matrix. However, I was recently invited as a guest speaker at their event in Hong Kong.

Why is the load on cpu miners in testnet so low? about 10%

Steve: This is because in the tesnet we used a relatively lightweight mining algorithm.

Will Steve Deng be growing a full mustache in the near future?
I want to see what he looks like with a big ol' mustache and it would save me some time in photoshop if he'd just grow one.

Steve: Will seriously consider the proposal.

Is kucoin the only place to do the token swap? And what’s the time period for it?

Owen: Kucoin is not the only place to complete the token swap. There will be several more options revealed soon.

The 1000 Greatest Movies

The following is a list of 1000 movies that I have compiled by trying to be as objective as possible, which is an obvious lie, it's a very subjective list, but it should be valuable for anyone interested in finding new movies. The majority of these titles are probably familiar to most of you anyway. Let me know your thoughts!

Rank	Title	Year
1000.	Speed	1994
999.	A Silent Voice	2016
998.	Cube	1997
997.	The Heiress	1949
996.	The Cove	2009
995.	A Close Shave	1995
994.	Viva Zapata!	1952
993.	Bill & Ted's Excellent Adventure	1989
992.	Z	1969
991.	The Long Goodbye	1973
990.	The Naked Gun	1988
989.	Son of Saul	2015
988.	Around the World in Eighty Days	1956
987.	Dawn of the Dead	1978
986.	Young Frankenstein	1974
985.	Gaslight	1944
984.	The Asphalt Jungle	1950
983.	Ballad of a Soldier	1959
982.	The Man Who Wasn't There	2001
981.	Stairway to Heaven	1946
980.	The Twilight Samurai	2002
979.	The King of Kong: A Fistful of Quarters	2007
978.	Devils on the Doorstep	2000
977.	Make Way for Tomorrow	1937
976.	The Assassination of Jesse James	2007
975.	Wake in Fright	1971
974.	The City of Lost Children	1995
973.	The Virgin Spring	1960
972.	Earthlings	2005
971.	Lord of War	2005
970.	There's Something About Mary	1998
969.	28 Weeks Later	2007
968.	The Man Who Fell to Earth	1976
967.	The Enigma of Kaspar Hauser	1974
966.	Kelly's Heroes	1970
965.	Suspiria	1977
964.	1900	1976
963.	Audition	1999
962.	Picnic at Hanging Rock	1975
961.	Midnight Run	1988
960.	Animal House	1978
959.	Get Carter	1971
958.	The Descent	2005
957.	The Shop Around the Corner	1940
956.	Fort Apache	1948
955.	Flight	2012
954.	The Ladykillers	1955
953.	Argo	2012
952.	The Breakfast Club	1985
951.	Burnt by the Sun	1994
950.	The Lady from Shanghai	1947
949.	The War Game	1965
948.	The Ascent	1977
947.	Ferris Bueller’s Day Off	1986
946.	The Wicker Man	1973
945.	Marty	1955
944.	The Naked Island	1960
943.	The Palm Beach Story	1942
942.	Knight of Cups	2015
941.	Road to Perdition	2002
940.	As Good as It Gets	1997
939.	The Place Beyond the Pines	2012
938.	Faults	2014
937.	The Gospel According to Matthew	1964
936.	American Graffiti	1993
935.	Frances Ha	2012
934.	Raising Arizona	1987
933.	Songs from the Second Floor	2000
932.	Anvil: The Story of Anvil	2008
931.	The Day the Earth Stood Still	1951
930.	In Cold Blood	1967
929.	Saw	2004
928.	The Adventures of Baron Munchausen	1988
927.	Cairo Station	1958
926.	The Tramp	1915
925.	Whatever Works	2009
924.	Moulin Rouge!	2001
923.	Glory	1989
922.	The Perks of Being a Wallflower	2012
921.	Blood Diamond	2006
920.	Stand by Me	1986
919.	A Brighter Summer Day	1991
918.	Stop Making Sense	1984
917.	Operation 'Y' & Other Shurik's Adventures	1965
916.	Dredd	2012
915.	Close Encounters of the Third Kind	1977
914.	Idiocracy	2006
913.	West Side Story	1961
912.	Repo Man	1984
911.	The Last Emperor	1987
910.	Papillon	1973
909.	About Elly	2009
908.	Mary Poppins	1964
907.	Zabriskie Point	1970
906.	Akira
905.	Cave of Forgotten Dreams	2010
904.	The Last of the Mohicans	1992
903.	The Day the Earth Stood Still	1951
902.	The Diving Bell and the Butterfly	2007
901.	Hamburger Hill	1987
900.	Spider	2002
899.	Cast Away	2000
898.	The Hangover	2009
897.	The Lost Weekend	1945
896.	Bullitt	1968
895.	Frida	2002
894.	The Hustler	1961
893.	Seven Years in Tibet	1997
892.	Nocturnal Animals	2016
891.	Swiss Army Man	2016
890.	48 Hrs.	1982
889.	High Fidelity	2000
888.	Casino Royale	2006
887.	Dirty Dancing	1987
886.	The Dark Valley	2014
885.	Source Code	2011
884.	El Mariachi	1992
883.	The Meaning of Life	1983
882.	The Mask	1994
881.	Conan the Barbarian	1982
880.	Primer	2004
879.	Wall Street	1987
878.	The New World	2005
877.	The Rock	1996
876.	Independence Day	1996
875.	Hell or High Water	2016
874.	13 Assassins	2010
873.	Traffic	2000
872.	Yellow Submarine	1968
871.	Apollo 13	1995
870.	Empire of the Sun	1987
869.	Revolutionary Road	2008
868.	Man on Wire	2008
867.	Waterworld	1995
866.	The Curious Case of Benjamin Button	2008
865.	The Road Warrior	1981
864.	Kramer vs. Kramer	1979
863.	The Bourne Ultimatum	2007
862.	Syriana	2005
861.	Shaun of the Dead	2004
860.	The Terminal	2004
859.	The Passion of the Christ	2004
858.	Face/Off	1997
857.	Napoleon Dynamite	2004
856.	From Russia with Love	1963
855.	TRON	1982
854.	The Secret in Their Eyes	2009
853.	Wavelength	1967
852.	Anchorman	2004
851.	Straight Outta Compton	2015
850.	Bad Lieutenant	1992
849.	Three Kings	1999
848.	Duck Soup	1933
847.	Femme Fatale	2002
846.	Predator	1987
845.	Solaris	2002
844.	Miller's Crossing	1990
843.	As I Was Moving Ahead Occasionally I...	2000
842.	Samurai Fiction	1998
841.	The Truman Show	1998
840.	Syndromes and a Century	2006
839.	The Producers	1967
838.	The Killing Fields	1984
837.	Confessions of a Dangerous Mind	2002
836.	Beau Travail	1999
835.	Capote	2005
834.	Slap Shot	1977
833.	Drowning by Numbers	1988
832.	Hard Eight	1996
831.	All Is Lost	2013
830.	Enter the Void	2009
829.	Hunt for the Wilderpeople	2016
828.	The Hateful Eight	2015
827.	Under Pressure: Making 'The Abyss'	1993
826.	The Gift	2015
825.	The Man Who Knew Infinity	2015
824.	Swimming Pool	2003
823.	Monty Python: The Meaning of Live	2014
822.	Enemy	2013
821.	Lord of the Flies	1990
820.	Lock, Stock and Two Smoking Barrels	1998
819.	Ed Wood	1994
818.	Dogtooth	2009
817.	Swingers	1996
816.	Split	2016
815.	The Road	2009
814.	Volver	2006
813.	The Fountain	2006
812.	Kiss Kiss Bang Bang	2005
811.	Safe	1995
810.	The Wages of Fear	1953
809.	American Sniper	2014
808.	Woyzeck	1979
807.	The Aviator	2004
806.	Super Troopers	2001
805.	Dr. No	1962
804.	Kingsman	2014
803.	Hugo	2011
802.	The Sound of Music	1965
801.	Pretty Village, Pretty Flame	1996
800.	Halloween	1978
799.	Hatari!	1962
798.	Twin Peaks: Fire Walk with Me	1992
797.	Escape from New York	1981
796.	Highlander	1986
795.	The Matrix Reloaded	2003
794.	Margin Call	2011
793.	Phenomena	1985
792.	The Starfish	1928
791.	Logan	2017
790.	28 Days Later...	2002
789.	The 39 Steps	1935
788.	Who's Afraid of Virginia Woolf?	1966
787.	The Phantom Carriage	1921
786.	The Cook, the Thief, His Wife & Her Lover	1989
785.	Drunken Master	1978
784.	Arrival	2016
783.	Baraka	1992
782.	Brimstone	2016
781.	Inside Out	2015
780.	Planet of the Apes	1968
779.	Dog Day Afternoon	1975
778.	Embers	2015
777.	Straw Dogs	1971
776.	Kind Hearts and Coronets	1949
775.	Coffee and Cigarettes	2003
774.	Driving Miss Daisy	1989
773.	A Woman Is a Woman	1961
772.	Broken Blossoms	1919
771.	Last Tango in Paris	1972
770.	Avatar	2009
769.	Zatoichi	2003
768.	Hoop Dreams	1994
767.	Crumb	1994
766.	The Three Burials of Melquiades Estrada	2005
765.	The Handmaiden	2016
764.	Kung Fu Hustle	2004
763.	Carlito's Way	1993
762.	Zulu	1964
761.	The Longest Day	1962
760.	Les Misérables	2012
759.	After Hours	1985
758.	Breakfast at Tiffany's	1961
757.	The Bridge	1959
756.	Zelig	1983
755.	I Vitelloni	1953
754.	Snowpiercer	2013
753.	I Am Cuba	1964
752.	The Return	2003
751.	L'argent	1983
750.	Fail-Safe	1964
749.	Quiz Show	1994
748.	What Ever Happened to Baby Jane?	1962
747.	The Thief of Bagdad	1940
746.	Nanook of the North	1922
745.	The Grapes of Wrath	1940
744.	The Life of Oharu	1952
743.	The Skin I Live In	2011
742.	Bridge of Spies	2015
741.	The Day of the Jackal	1973
740.	Sexmission	1984
739.	Interstellar	2014
738.	Rebel Without a Cause	1955
737.	Five Easy Pieces	1970
736.	The Imitation Game	2014
735.	Pirates of the Caribbean	2003
734.	Schizopolis	1996
733.	I Stand Alone	1998
732.	WarGames	1983
731.	The Great Train Robbery	1903
730.	Star Trek	2009
729.	True Romance	1993
728.	Sin City	2005
727.	Roma	1972
726.	Thelma & Louise	1991
725.	The Hurt Locker	2008
724.	O Brother, Where Art Thou?	2000
723.	Falling Down	1993
722.	Forbidden Planet	1956
721.	Carol	2015
720.	Letters from Iwo Jima	2006
719.	Harry Potter and the Sorcerer's Stone	2001
718.	The Usual Suspects	1995
717.	Ivan Vasilievich: Back to the Future	1973
716.	Cremator	1969
715.	In the Name of the Father	1993
714.	The Revenant	2015
713.	The Cameraman	1928
712.	Zorba the Greek	1964
711.	Infernal Affairs	2002
710.	Onibaba	1964
709.	The Raid: Redemption	2011
708.	Spring, Summer, Fall, Winter... and Spring	2003
707.	Collateral	2004
706.	La Haine	1995
705.	Irreversible	2002
704.	Mouchette	1967
703.	The Abyss	1989
702.	Bonnie and Clyde	1967
701.	Die Hard	1988
700.	Italian for Beginners	2000
699.	The King's Speech	2010
698.	True Grit	2010
697.	Gattaca	1997
696.	Office Space	1999
695.	Stranger Than Fiction	2006
694.	Going to Bed Under Difficulties	1900
693.	The 36th Chamber of Shaolin	1978
692.	A Hard Day's Night	1964
691.	Nebraska	2013
690.	This Is England	2006
689.	(500) Days of Summer	2009
688.	Nosferatu the Vampyre	1979
687.	127 Hours	2010
686.	Babel	2006
685.	The Magnificent Seven	1960
684.	Harakiri	1962
683.	Mission: Impossible	1996
682.	A Single Man	2009
681.	Chicken Run	2000
680.	Dead Poets Society	1989
679.	Big Fish	2003
678.	In the Heat of the Night	1967
677.	On the Silver Globe	1988
676.	The Scarlet Empress	1934
675.	The Tenant	1976
674.	Woman in the Dunes	1964
673.	Grave of the Fireflies	1988
672.	Bad Boy Bubby	1993
671.	Strangers on a Train	1951
670.	Gertie the Dinosaur	1914
669.	Lord of the Flies	1963
668.	Inception	2010
667.	The Invisible Man	1933
666.	Hacksaw Ridge	2016
665.	From Dusk Till Dawn	1996
664.	A Beautiful Mind	2001
663.	Pumping Iron	1977
662.	Ordinary People	1980
661.	How Far, How Near	1972
660.	The Royal Tenenbaums	2001
659.	Mrs. Miniver	1942
658.	You Can't Take It with You	1938
657.	Don't Look Now	1973
656.	Doctor Zhivago	1965
655.	Elite Squad	2007
654.	Chungking Express	1994
653.	Spotlight	2015
652.	Hannah and Her Sisters	1986
651.	The Iron Giant	1999
650.	My Fair Lady	1964
649.	Mr. Nobody	2009
648.	The Devils	1971
647.	The Best Years of Our Lives	1946
646.	About Time	2013
645.	John Wick	2014
644.	The Fighter	2010
643.	300	2006
642.	Antichrist	2009
641.	The White Ribbon	2009
640.	Good Bye Lenin!	2003
639.	Shoeshine	1946
638.	The Arrival of a Train	1896
637.	Inherent Vice	2014
636.	Everest	2015
635.	The Machinist	2004
634.	Stand by Me	1986
633.	Mr. Smith Goes to Washington	1939
632.	Munich	2005
631.	The Great Beauty	2013
630.	Seven Psychopaths	2012
629.	Kin-dza-dza!	1986
628.	Before Sunrise	1995
627.	The Last Samurai	2003
626.	Mystic River	2003
625.	Blow	2001
624.	Divorce Italian Style	1961
623.	Up in the Air	2009
622.	Resident Evil	2002
621.	Up	2009
620.	Pierrot le Fou	1965
619.	Gettysburg	1993
618.	Hot Fuzz	2007
617.	Bunker Palace Hôtel	1989
616.	Duck, You Sucker	1971
615.	The Boondock Saints	1999
614.	Clerks	1994
613.	Blade	1998
612.	Sonatine	1993
611.	Ida	2013
610.	Teorema	1968
609.	Gummo	1997
608.	Heist	2001
607.	The Big Feast	1973
606.	Catch Me If You Can	2002
605.	Kids	1995
604.	Fury	1936
603.	The Prestige	2006
602.	Sleuth	1972
601.	Cinema Paradiso	1988
600.	Koyaanisqatsi	1982
599.	Killer of Sheep	1978
598.	Saturday Night Fever	1977
597.	Now You See Me	2013
596.	Le Samouraï	1967
595.	Repulsion	1965
594.	Shane	1953
593.	The Merchant of Four Seasons	1972
592.	Before the Devil Knows You're Dead	2007
591.	The Manchurian Candidate	1962
590.	Monsieur Verdoux	1947
589.	Rififi	1955
588.	Chef	2014
587.	A Wednesday	2008
586.	Room	2015
585.	The Nice Guys	2016
584.	Her	2013
583.	A Trip to the Moon	1898
582.	I Spit on Your Grave	1978
581.	Star Trek: First Contact	1996
580.	House of Flying Daggers	2004
579.	In Bruges	2008
578.	Titanic	1997
577.	The Spirit of the Beehive	1973
576.	Aparajito	1956
575.	I Don't Want to Be a Man	1918
574.	The Idiots	1998
573.	Borat	2006
572.	Sicario	2015
571.	The Grand Budapest Hotel	2014
570.	The Life of Emile Zola	1937
569.	The Fifth Element	1997
568.	Butch Cassidy and the Sundance Kid	1969
567.	Pinocchio	1940
566.	Brother	1997
565.	21 Grams	2003
564.	Gandhi	1982
563.	The Incredibles	2004
562.	Branded to Kill	1967
561.	The Lobster	2015
560.	Ninotchka	1939
559.	Fanny and Alexander	1982
558.	Oedipus Rex	1967
557.	Kings of the Road	1976
556.	Enter the Dragon	1973
555.	Hotel Rwanda	2004
554.	Warrior	2011
553.	The Salvation	2014
552.	Bugs Bunny Gets the Boid	1942
551.	Amores Perros	2000
550.	Dark City	1998
549.	GoldenEye	1995
548.	Rope	1948
547.	A Pigeon Sat on a Branch Reflecting on Existence	2014
546.	Fiddler on the Roof	1971
545.	Slumdog Millionaire	2008
544.	East of Eden	1955
543.	The Rocky Horror Picture Show	1975
542.	The Marriage of Maria Braun	1979
541.	The Conversation	1974
540.	2046	2046
539.	Black Swan	2010
538.	Pi	1998
537.	About Schmidt	2002
536.	V for Vendetta	2005
535.	Dog Days	2001
534.	The Artist	2011
533.	Fireworks	1997
532.	Total Recall	1990
531.	Fury	2014
530.	Run Lola Run	1998
529.	It's Such a Beautiful Day	2012
528.	Rain Man	1988
527.	Drive	2011
526.	A Serious Man	2009
525.	Midnight in Paris	2011
524.	Crazy, Stupid, Love.	2011
523.	Moneyball	2011
522.	The Martian	2015
521.	Limitless	2011
520.	Goldfinger	1964
519.	Steamboat Bill, Jr.	1928
518.	The Edge	1997
517.	The Pink Panther	1963
516.	Gran Torino	2008
515.	Paisan	1946
514.	Encounters at the End of the World	2007
513.	Willy Wonka & the Chocolate Factory	1971
512.	Summer with Monika	1953
511.	Ocean's Eleven	2001
510.	Short Cuts	1993
509.	Kwaidan	1964
508.	Trouble in Paradise	1932
507.	The Untouchables	1987
506.	Trading Places	1983
505.	Match Point	2005
504.	All That Jazz	1979
503.	Hunger	2008
502.	Let the Right One In	2008
501.	Winter Light	1963
500.	Sideways	2004
499.	The Band's Visit	2007
498.	Shadow of a Doubt	1943
497.	Arsenic and Old Lace	1944
496.	Oliver Twist	1948
495.	Nashville	1975
494.	Apocalypto	2006
493.	The Elephant Man	1980
492.	The Wolf of Wall Street	2013
491.	Zodiac	2007
490.	All About My Mother	1999
489.	Hearts of Darkness: A Filmmaker's Apocalypse	1991
488.	Aliens	1986
487.	A Woman Under the Influence	1974
486.	Diabolique	1955
485.	Network	1976
484.	12 Years a Slave	2013
483.	Gimme Shelter	1970
482.	Prisoners	2013
481.	King Kong	2005
480.	Roman Holiday	1953
479.	Mutiny on the Bounty	1935
478.	The Counterfeiters	2007
477.	Night and Fog	1956
476.	The Lady Eve	1941
475.	Inside Llewyn Davis	2013
474.	Alexander Nevsky	1938
473.	Dawn of the Dead	2004
472.	The Deer Hunter	1978
471.	Maria Full of Grace	2004
470.	Masculin Féminin	1966
469.	American Splendor	2003
468.	The Bourne Identity	2002
467.	Atanarjuat: The Fast Runner	2001
466.	Chariots of Fire	1981
465.	Judgment at Nuremberg	1961
464.	Donnie Darko	2001
463.	My Life to Live	1962
462.	A Short Film About Killing	1988
461.	Battle Royale	2000
460.	Close-Up	1990
459.	Jackie Brown	1997
458.	The Master	2012
457.	Dancer in the Dark	2000
456.	Fantastic Mr. Fox	2009
455.	Gosford Park	2001
454.	Punch-Drunk Love	2002
453.	The Twelve Tasks of Asterix	1976
452.	Touch of Evil	1958
451.	Bimbo's Initiation	1931
450.	Elephant	2003
449.	The Young Girls of Rochefort	1967
448.	The Seashell and the Clergyman	1928
447.	Man with a Movie Camera	1929
446.	Rome, Open City	1945
445.	The French Connection	1971
444.	Skyfall	2012
443.	Open Range	2003
442.	El Topo	1970
441.	The Endurance	2000
440.	The Sixth Sense	1999
439.	The Lion King	1994
438.	The Big Heat	1953
437.	His Girl Friday	1940
436.	Star Trek II: The Wrath of Khan	1982
435.	Mommy	2014
434.	Dazed and Confused	1993
433.	Naked Lunch	1991
432.	L'Age d'Or	1930
431.	The Maltese Falcon	1941
430.	Europa	1991
429.	Witness for the Prosecution	1957
428.	Do the Right Thing	1989
427.	Howl's Moving Castle	2004
426.	Children of Paradise	1945
425.	The Thin Man	1934
424.	Blood Simple.	1984
423.	Wings of Desire	1987
422.	Dial M for Murder	1954
421.	Mishima: A Life in Four Chapters	1985
420.	The Trial	1962
419.	Belle de Jour	1967
418.	Ivan the Terrible, Part I	1945
417.	Time of the Gypsies	1988
416.	Captain Phillips	2013
415.	The Magnificent Ambersons	1942
414.	Starship Troopers	1997
413.	Salò, or the 120 Days of Sodom	1975
412.	Nashville	1975
411.	Vivre sa vie	1962
410.	Gangs of New York	2002
409.	Pink Floyd: The Wall	1982
408.	Snatch	2000
407.	Superman	1978
406.	Catch-22	1970
405.	The Last Picture Show	1971
404.	Midnight Cowboy	1969
403.	City of God	2002
402.	The Ten Commandments	1956
401.	The Kid	1921
400.	The Party	1968
399.	Ghostbusters	1984
398.	Monster	2003
397.	Million Dollar Baby	2004
396.	Cool Hand Luke	1967
395.	Princess Mononoke	1997
394.	A Fistful of Dollars	1964
393.	Stroszek	1977
392.	Decapitation in Turkey	1904
391.	Nightcrawler	2014
390.	Cat on a Hot Tin Roof	1958
389.	Mother's Day	1993
388.	The Nights of Cabiria	1957
387.	From Here to Eternity	1953
386.	Incendies	2010
385.	Top Hat	1935
384.	The Punch Bowl	1944
383.	MASH	1970
382.	On the Waterfront	1954
381.	Manchester by the Sea	2016
380.	Gone Girl	2014
379.	Rush	2013
378.	Shutter Island	2010
377.	Borgman	2013
376.	The Cabinet of Dr. Caligari	1920
375.	Ordet	1955
374.	The Salesman	2016
373.	The Game	1997
372.	Moonlight	2016
371.	La La Land	2016
370.	Days of Heaven	1978
369.	Ex Machina	2014
368.	Boyhood	2014
367.	Moonrise Kingdom	2012
366.	The Wrestler	2008
365.	Iron Man	2008
364.	Playtime	1967
363.	Platoon	1986
362.	Mission: Impossible - Ghost Protocol	2011
361.	The Hidden Fortress	1958
360.	Melancholia	2011
359.	Chinatown	1974
358.	A History of Violence	2005
357.	Léon: The Professional	1994
356.	High and Low	1963
355.	Napoleon	1927
354.	Deliverance	1972
353.	RoboCop	1987
352.	An American in Paris	1951
351.	City of Women	1980
350.	The Social Network	2010
349.	The Terminator	1984
348.	Ratatouille	2007
347.	Edge of Tomorrow	2014
346.	King Kong	1933
345.	Minority Report	2002
344.	The Illusionist	2006
343.	Broken Flowers	2005
342.	House of Games	1987
341.	The Phantom of Liberty	1974
340.	Pan's Labyrinth	2006
339.	Rocco and His Brothers	1960
338.	A Trip to the Moon	1902
337.	The Dark Knight	2008
336.	Erin Brockovich	2000
335.	Groundhog Day	1993
334.	The NeverEnding Story	1984
333.	Little Miss Sunshine	2006
332.	Inland Empire	2006
331.	Brokeback Mountain	2005
330.	Head-On	2004
329.	Pickpocket	1959
328.	Dances with Wolves	1990
327.	Braveheart	1995
326.	Three Colors: Red	1994
325.	Birdman	2014
324.	Oldboy	2003
323.	The Thing	1982
322.	Lost in Translation	2003
321.	Memories of Murder	2003
320.	Antarctica: A Year on Ice	2013
319.	The Five Obstructions	2003
318.	The Pianist	2002
317.	Duck Amuck	1953
316.	A Separation	2011
315.	The Earrings of Madame de...	1953
314.	The Kiss	1900
313.	The Cranes Are Flying	1957
312.	Unforgiven	1992
311.	The Mother and the Whore	1973
310.	Back to the Future	1985
309.	The Experiment	2001
308.	The Blues Brothers	1980
307.	Carrie	1976
306.	Three Colors: Blue
305.	Synecdoche, New York	2008
304.	Before Sunset	2004
303.	La Strada	1954
302.	The Man Who Shot Liberty Valance	1962
301.	Kagemusha	1980
300.	Badlands	1973
299.	The Name of the Rose	1986
298.	Being John Malkovich	1999
297.	Manderlay	2005
296.	The Piano Teacher	2001
295.	Y Tu Mamá También	2001
294.	The Life Aquatic with Steve Zissou	2004
293.	Videodrome	1983
292.	Monsieur Hulot's Holiday	1953
291.	Gravity	2013
290.	The Human Condition I: No Greater Love	1959
289.	The Green Mile	1999
288.	Life of Pi	2012
287.	L.A. Confidential	1997
286.	Children of Men	2006
285.	Eternal Sunshine of the Spotless Mind	2004
284.	Dressed to Kill	1980
283.	Memento	2000
282.	Holy Motors	2012
281.	Gladiator	2000
280.	Rushmore	1998
279.	Good Will Hunting	1997
278.	Alphaville	1965
277.	The Philadelphia Story	1940
276.	The Man from Earth	2007
275.	Airplane!	1980
274.	Quest for Fire	1981
273.	Freaks	1932
272.	Se7en	1995
271.	Crimson Tide	1995
270.	Toy Story	1995
269.	To Kill a Mockingbird	1962
268.	Heat	1995
267.	American Beauty	1999
266.	My Neighbor Totoro	1988
265.	Le Cercle Rouge	1970
264.	The Shawshank Redemption	1994
263.	A Man for All Seasons	1966
262.	Russian Ark	2002
261.	Into the Wild	2007
260.	Fight Club	1999
259.	Ace in the Hole	1951
258.	Master and Commander	2003
257.	Strike	1925
256.	Simon of the Desert	1965
255.	Boogie Nights	1997
254.	Down by Law	1986
253.	The Hunt for Red October	1990
252.	Stranger Than Paradise	1984
251.	No Man's Land	2001
250.	Wild Tales	2014
249.	McCabe & Mrs. Miller	1971
248.	Buena Vista Social Club	1999
247.	Hero	2002
246.	The Exorcist	1973
245.	La Jetée	1962
244.	Dersu Uzala	1975
243.	Reservoir Dogs	1992
242.	Fitzcarraldo	1982
241.	Cries & Whispers	1972
240.	The Birds	1963
239.	The African Queen	1951
238.	Toni Erdmann	2016
237.	Rio Bravo	1959
236.	Annie Hall	1977
235.	In the Realm of the Senses	1976
234.	Cleo from 5 to 7	1962
233.	Django Unchained	2012
232.	Mulholland Dr.	2001
231.	Ali: Fear Eats the Soul	1974
230.	Moon	2009
229.	Whiplash	2014
228.	Dirty Harry	1971
227.	The Wild Bunch	1969
226.	The Great Dictator	1940
225.	Double Indemnity	1944
224.	The Graduate	1967
223.	Satantango	1994
222.	In the Mood for Love	2000
221.	Blow-Up	1966
220.	Why Does Herr R. Run Amok?	1970
219.	The Leopard	1963
218.	Beauty and the Beast	1946
217.	Sullivan's Travels	1941
216.	This Is Spinal Tap	1984
215.	The Tree of Life	2011
214.	All Quiet on the Western Front	1930
213.	Entr'acte	1924
212.	Yi Yi	2000
211.	A.I. Artificial Intelligence	2001
210.	Our Hospitality	1923
209.	Nosferatu	1922
208.	Ugetsu	1953
207.	Mad Max: Fury Road	2015
206.	The Triplets of Belleville	2003
205.	Ivan's Childhood	1962
204.	Yojimbo	1961
203.	To Be or Not to Be	1942
202.	Fear and Loathing in Las Vegas	1998
201.	The Big Short	2015
200.	The River	1951
199.	Ben-Hur	1959
198.	The Lives of Others	2006
197.	Caché	2005
196.	Modern Times	1936
195.	Hiroshima Mon Amour	1959
194.	Crimes and Misdemeanors	1989
193.	Rosemary's Baby	1968
192.	The Sun	2005
191.	Throne of Blood	1957
190.	25th Hour	2002
189.	Pather Panchali	1955
188.	Indiana Jones and the Last Crusade	1989
187.	A Day in the Country	1936
186.	The Silence of the Lambs	1991
185.	Weekend	1967
184.	American Psycho	2000
183.	Requiem for a Dream	2000
182.	The Exterminating Angel	1962
181.	The Gold Rush	1925
180.	Crouching Tiger, Hidden Dragon	2000
179.	Black Cat, White Cat	1998
178.	The Thin Red Line	1998
177.	American History X	1998
176.	Downfall	2004
175.	Kill Bill: Vol. 1	2003
174.	The Princess Bride	1987
173.	District 9	2009
172.	Easy Rider	1969
171.	The 400 Blows	1959
170.	Touching the Void	2003
169.	Funny Games	1997
168.	Au Hasard Balthazar	1966
167.	All About Eve	1950
166.	Trainspotting	1996
165.	The Sting	1973
164.	A Man Escaped	1956
163.	The Bridge on the River Kwai	1957
162.	True Lies	1994
161.	The Young and the Damned	1950
160.	Black Hawk Down	2001
159.	Schindler's List	1993
158.	F for Fake	1973
157.	Jaws	1975
156.	Ikiru	1952
155.	Blue Velvet	1986
154.	1984	1984
153.	Saving Private Ryan	1998
152.	Blade Runner	1982
151.	E.T. the Extra-Terrestrial	1982
150.	The Shining	1980
149.	The Umbrellas of Cherbourg	1964
148.	Fantastic Planet	1973
147.	Victoria	2015
146.	The Fall	2006
145.	Last Year at Marienbad	1961
144.	La Soufrière	1977
143.	Adaptation.	2002
142.	The Holy Mountain	1973
141.	Jesus Christ Superstar	1973
140.	Mean Streets	1973
139.	No Country for Old Men	2007
138.	The Conformist	1970
137.	Gone with the Wind	1939
136.	Once Upon a Time in the West	1968
135.	Delicatessen	1991
134.	Andrei Rublev	1966
133.	Jules and Jim	1962
132.	Rebecca	1940
131.	WALL·E	2008
130.	Hard to Be a God	2013
129.	M	1931
128.	Nostalgia	1983
127.	The Hunt	2012
126.	Spartacus	1960
125.	Some Like It Hot	1959
124.	Brazil	1985
123.	12 Angry Men	1957
122.	Wild Strawberries	1957
121.	North by Northwest	1959
120.	The Treasure of the Sierra Madre	1948
119.	Bicycle Thieves	1948
118.	Ashes and Diamonds	1958
117.	Black Narcissus	1947
116.	The Red Shoes	1948
115.	A Fish Called Wanda	1988
114.	Alien	1979
113.	The Departed	2006
112.	Metropolis	1927
111.	Sunrise	1927
110.	The Night of the Hunter	1955
109.	Barton Fink	1991
108.	Sunrise	1926
107.	Un Chien Andalou	1929
106.	It Happened One Night	1934
105.	The Great Escape	1963
104.	Battleship Potemkin	1925
103.	Festen	1998
102.	The Act of Killing	2012
101.	Grizzly Man	2005
100.	Inglourious Basterds	2009
99.	The Big Lebowski	1998
98.	Brief Encounter	1945
97.	Seven Samurai	1954
96.	Late Spring	1949
95.	The General	1926
94.	Breathless	1960
93.	Casino	1995
92.	Singin' in the Rain	1952
91.	Fantasia	1940
90.	The Battle of Algiers	1966
89.	The Rules of the Game	1939
88.	Shoah	1985
87.	The Mirror	1975
86.	L'Atalante	1934
85.	Full Metal Jacket	1987
84.	Almost Famous	2000
83.	Underground	1995
82.	Dogville	2003
81.	Monty Python and the Holy Grail	1975
80.	Vertigo	1958
79.	Amélie	2001
78.	Werckmeister Harmonies	2000
77.	Fellini's Satyricon	1969
76.	Rocky	1976
75.	The Adventures of Prince Achmed	1926
74.	The Fly	1986
73.	Spirited Away	2001
72.	Star Wars Trilogy	1977
71.	The Matrix	1999
70.	The Good, the Bad and the Ugly	1966
69.	Eyes Wide Shut	1999
68.	Amarcord	1973
67.	Once Upon a Time in America	1984
66.	Fargo	1996
65.	Ran	1985
64.	Magnolia	1999
63.	The Awful Truth	1937
62.	Life Is Beautiful	1997
61.	Breaking the Waves	1996
60.	Jurassic Park	1993
59.	Twelve Monkeys	1995
58.	Forrest Gump	1994
57.	The Message	1976
56.	One Flew Over the Cuckoo's Nest	1975
55.	Manhattan	1979
54.	The Wizard of Oz	1939
53.	The Apartment	1960
52.	Contempt	1963
51.	Raging Bull	1980
50.	My Darling Clementine	1946
49.	Girls in Uniform	1931
48.	Goodfellas	1990
47.	Pulp Fiction	1994
46.	There Will Be Blood	2007
45.	Paris, Texas	1984
44.	Scarface	1983
43.	Raiders of the Lost Ark	1981
42.	Stalker	1979
41.	Dr. Strangelove	1964
40.	The Passion of Joan of Arc	1928
39.	Lord of the Rings Trilogy	2001
38.	Patton	1970
37.	The Godfather Duology	1972
36.	A Clockwork Orange	1971
35.	Tokyo Story	1953
34.	High Noon	1952
33.	Safety Last!	1923
32.	The Searchers	1956
31.	Rashomon	1950
30.	Barry Lyndon	1975
29.	8½	1963
28.	Persona	1966
27.	Apocalypse Now	1979
26.	Amadeus	1984
25.	The Seventh Seal	1957
24.	Solaris	1972
23.	Life of Brian	1979
22.	City Lights	1931
21.	Taxi Driver	1976
20.	It's a Wonderful Life	1946
19.	Terminator 2	1991
18.	Aguirre, the Wrath of God	1972
17.	La Dolce Vita	1960
16.	Viridiana	1961
15.	Notorious	1946
14.	Sherlock Jr.	1924
13.	Sunset Blvd.	1950
12.	Das Boot	1981
11.	Psycho	1960
10.	La Grande Illusion	1937
9.	Chimes at Midnight	1965
8.	Paths of Glory	1957
7.	The Third Man	1949
6.	Come and See	1985
5.	Casablanca	1942
4.	Rear Window	1954
3.	Lawrence of Arabia	1962
2.	2001: A Space Odyssey	1968
1.	Citizen Kane	1941

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The Danger of Buying on Margin - YouTube

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