But could you give me a practical example, Chris, of how it actually works in practice in the portfolio construction space?

Yeah, sure.

So on the DB theme, so a more sort of traditional thinking from a liability hedging standpoint, the traditional question might have been, what assets can I buy to match the benchmark that I'm measuring my liabilities against? And for most pension schemes that it would likely have been buying a large proportion of UK government bonds.

Whereas with more total portfolio mindset, you're starting with, well, actually, what are we trying to achieve overall? And what are the total risks that we're managing, as Ben's already alluded to? So once you start thinking from that perspective, you could end up with a portfolio that is in a totally different place to where you would naturally start.

You might end up in the same place, but you've at least gone through the right challenges to get there.

Again, one thing that you've discussed on the podcast previously is just UK government bonds aren't necessarily no risk or low risk.

So it's something to, once you bring that into consideration alongside the value of assets and that can offer to achieve what you're looking for from your liability matching assets, pulling that together, you do likely end up in a different place versus where you would be.

I guess, could you speak to that? Is that true? Is that the case?

[playful music] Seances, when mediums allegedly made contact with the dead, became all the rage.

rage.Right.

The medium will put their hand on the table.

Before we know it, the table starts to levitate

Because most of this stuff is trickery, isn't it?

Quite a lot of it is, yes.

If you go back to Victorian times especially.

We try and recreate things without the tricks.

Why is it important to think about calf health as a complete program rather than focusing on any single product or practice?

Well, if we're gonna get these calves to, to reach their genetic potential, which our genetic potential is absolutely amazing anymore.

I mean, the performance that we get out of our cattle today is, is absolutely incredible, but we've gotta, we gotta make sure they're ready to get there.

And, you know, so management things that we can do at a young age on the-- at the cow-calf level, like castrating and dehorning, we need to get that done as early in life as possible because we know that if we wait till later, that's gonna be a major setback and a major stressor on those calves.

Vaccines are important, internal and external parasite control.

I mean, we know what flies can have a big impact on our gains and things like that.

So if we're controlling all of our parasites internally and externally, our calves are gonna do better.

As we wrap things up, what would be the one message you'd like producers to take away about preconditioning and PrimeVac?

But do you usually have sparking water or do you ever drink anything else?

Just pretty much water or sparkling water.

In fact, I used to get the polar variety pack at Costco, the 35 pack or whatever it was with the flavors.

And I've gotten away from the flavors.

I don't need them.

For me, just the seltzer is perfect.

And I've done sparkling mineral waters.

and uh mixed greens uh iceberg lettuce and it got me lean but bro uh i i was my testosterone was 80 that's that's like that's like an old man and i'm in my mid-20s i wrecked my testosterone and i had a horrible eating disorder at the at the time as a result i was hungry all the time now i'm leaner than i was then and i'm never hungry

At Bioforce near Karaka, Chris Thompson and his team need them to thrive.

As a benef- beneficial insect farmer, we have to produce both the, the pest and the good bug, because many of the good bugs will only eat that pest.

So in here we do have to have a whitefly farm.

We do have to have aphids, spider mites, psyllids, and other pests that people wouldn't normally want in their garden.

But we need to have them, otherwise we can't produce the good natural enemies.

Once these plants go through a full infestation, they will just be laden with pests.

And as what I like to call, they're given a near-death experience.

It's a parasitic wasp called Encarsia formosa, with a taste for whitefly eggs.

At Bioforce near Karaka, Chris Thompson and his team need them to thrive.

As a bene- beneficial insect farmer, we have to produce both the, the pest and the good bug, because many of the good bugs will only eat that pest.

So in here we do have to have a whitefly farm.

We do have to have aphids, spider mites, psyllids, and other pests that people wouldn't normally want in their garden.

But we need to have them, otherwise we can't produce the good natural enemies.

Once these plants go through a full infestation, they will just be laden with pests, and as I like to call, they're given a near-death experience.

[laughs]

It's a parasitic wasp called Encarsia formosa, with a taste for whitefly eggs.

Hey, hey

Um, that, that's all gonna be on, uh, Jake.

I'm just a guest up here.

I don't know what he's doing.

Pooping? I don't know.

He'll be back though, so...

Ah, I hope he gets back soon, 'cause I do need to go.

Didn't know she was coming today, so ...

don't know who that is.

I don't know either.

I think he's country.

Let me look him up real quick while we're doing this.

But he did a song.

He did a song.

Whoa, that's not Corey Marks.

Ma'am! Ma'am! Ma'am!

You do.

oh my god yeah we did that parody of the dating game that andrea from the the she's uh she's trans and zach man zach stole the show with that he gave it he he's got cerebral palsy for you don't know lucky to be alive because it's born cerebral palsy he had his mother the umbilical cord was wrapped around his neck three times he died he died for 27 minutes you don't come back from that you don't and here he is that's a fucking miracle if i've ever seen one but he has to talk through one of those things and you're like stephen hawkins the guy's a genius too He has his own job.

He does prep.

He's got his, he builds websites.

He's really good at it.

emma leviathan

Yeah, she's got a gimmick.

Some people don't like the gimmick, but it's comedy.

Now, who's feeling green? Big finish for the love of stories.

And I remember very specifically, it was, we want new stuff for Enlightenment and Snake Dance.

We also want you to have a think about season 15.

Specifically, they had mentioned Underworld, but I'd looked at Underworld and I was like, I don't know if that's...

Basically, the response I gave them was, I don't think I can salvage Underworld, but I might be able to make Fang Rock go from an A to an A+, if that makes any sense.

And they seemed pretty happy with that.

Oh, my God.

I'm

Can you tell something about it?

Yeah, I mean, so each, we're basically, it's four volumes.

It was for the 45th anniversary of the London Review of Books.

And we just picked a poem for each seven inch.

And all these poems were first published in the London Review of Books.

So it was about highlighting that incredible archive that the LRB has.

And the one we chose to play today is from volume one.

Yeah, the next Elon Musk.

yeah but I was there I came in but you weren't there

It was like four in the morning.

And I sent you the link, Chris Thompson.

Dave, Sarah was there at the beginning, but he bailed.

And who else? Mr.

Blue Sky and this new guy, True Shoes or something, who showed up.

But when I do it with no guest host, there's lots of lag time.

doing birthday was yesterday latonya's birthday was yesterday

I love that you have a producer on your show now.

Yeah.

I mean, I, I just call her a producer.

I think it's very appropriate for what she does.

She helps me out quite a bit.

I like now I am so fucking happy.

I have got the crew from hell right now.

Sounds like the person just had a Siri You know, the AI thing that pops up every time you say blank Siri?

gotcha okay and i think so that sounds like you had more time for that because with series a didn't you just have one day with the liberator model to get all that stuff done

Yeah, so on season A, we used Phil Stevens' Liberator, who he had very graciously allowed us to use.

But the issue was that...

it was season a came together very quickly like i was working on season 25 it was sort of added on as an extra and it its deadline was just a month or two after season 25's deadline so it was an absolute blitz getting through all the shots for season 25 to then take a day off and and then Blitz through Blake 7.

And I think the other issue with that is that there was no pre-production for it either.

So we had a collection of original props and fan-built ones, kind of like the Liberator.

And we had to squeeze those all into Handslope, which was the shoot we did over in Handslope, where Small Space is, Matt Irvine's model show.

But I guess it's just, they give it to you and you're like, you're the guy, go and do your thing.

So it was quite the project.

Yeah, it was a major undertaking and it's quite brave of the club, but I think the club has always been brave, to be honest, not scared of change.

We replaced all the greens after the 1991 Open when Baker Finch won because they weren't in the greatest nick.

So that was a major project there to replace all the greens.

And this... um there was a necessity to do work on the golf course primarily relating to some drainage problems that we've had as you said i've been a member for 20 years and over that period of time we've had water table increasing water table problems at royal birkdale so whilst the place is one huge sandpit it's lying just above the water table And so for the last 10 years or so, I'd say about a third of the bunkers would be lying wet throughout the winter.

So there'd be ground under repair.

If they were actually playable, they'd often, the sand would soak through, so they'd be very bare.

What is the biggest difference for the Open Championship for the players since Jordan Spieth won it in 2017?

So it was quite the project.

Yeah, it was a major undertaking and it's quite brave of the club.

But I think the club has always been brave, to be honest, not scared of change.

You know, we replaced all the greens after the 91 Open when Baker Finch won because they weren't in the greatest nick.

So that was a major project there to replace sort of all the greens.

And this... um there was a necessity to do work on the golf course primarily relating to some drainage problems that we've had as you said i've been a member for 20 years and over that period of time we've had water table increasing water table problems at royal birkdale so whilst the place is one huge sandpit it's lying just above the water table And so for the last 10 years or so, I'd say about a third of the bunkers would be lying wet throughout the winter.

So they'd be ground under repair.

What is the biggest difference for the Open Championship for the players since Jordan Spieth won it in 2017?

And what can you

do? Basically, it's like the old classic show.

We have a contestant up there, and she's picking through three bachelors, asking them a lot of questions.

That's

Do you have chris?

Not enough for having one of the oldest fucking channels on YouTube.

There's not too many people at 20-year-old channels.

I'm gaining traction.

The first season was in Oklahoma.

Okay.

It is staged for one.

They have to have insurance, you know, from the show to even be able to do that.

I remember watching one episode and one of the racers got pulled over at night and the driver thought it'd be funny if he got out.

And just let the cop walk up there and see that there's nobody driving.

And he ran down like five or six cars.

Call to the crowd.

Where's your show, Chris? Sorry.

You know what, you know what I say? To tell you, you know what I say when people tell you you ain't good enough for something?

What?

Prove them wrong.

Tell them fuck them and go on about your way.

You, you, you already got your show.

You already got, you, you've had guests on there that, you know, other people-

... like, what can you do?

We, uh, uh, basically it's like the old classic show.

Uh, we have a contestant up there and she's picking through, uh, three bachelors, ask them a lot of questions and decides to pick one.

Well, here's the thing-

I'm gaining traction.

Oh, shit, I've been gaining a lot of traction.

I mean, I just started streaming, like, a year ago, and it was...

You know.

Um, by the way, Emma Leviathan.

Emma Leviathan? Leviathan? Yeah.

What's that? That's a friend of mine.

I, uh, been promoting her.

Uh, it's pretty original what she's got going on.

Um, her story, she's a succubus and she's married to Satan and, uh- [laughs] ... they're getting, they're trying to get a divorce and he forced her, uh, put her in purgatory until she learns how to cook.

I hate when that happens.

Yeah

So he, he, he might not be on, he might not be on F Off Monday.

He might not be, but we'll still have the show, and I'm pretty sure he will be watching wherever he's at, and if he's not on there.

But yeah, he's b- uh, the other day he went to the emergency room twice, uh, or went to the hospital twice.

They sent him somewhere else and stuff, but he came home.

You know, he's fine.

So...

You got a bad cable somewhere I'm thinking.

They, they, they, they, they've lost touch.

Yeah, because-

But I, I tell you right now, man, this asshole fucking doxxed me, then doxxed my family.

Hmm.

You know, Bobby, Nick, and Jen.

So all bets are off, motherfuckers.

Yeah, well, you know, I could tell you, this is a...

I'll say this about this Dabble verse, and, and I, I, I don't say I have regrets.

That's me and Limmy.

There.

And share it.

There we go.

John Daly here.

[upbeat music] You know what day it is? Neither do I.

I live life daily.

That's why I only spend on Moto Casino.

All right.

Chris, we'll get into the specific changes as we go round the course, but I just wanted you to give us an overall brief on why the club decided to make some pretty bold changes to what is an already a, a top class layout.

Sure.

Um, well, we, for about 100 years, the, the Hawtree family were architects on the, on the... of the course, and m- most recently Martin Hawtree.

Now he's at stage where he's r- retired.

There's no particular succession plan, so the club thought it would be a, a good time to sort of review where we are and, and look at what the architecture situation's gonna be going forward.

Um, alongside that, um, green keeper of many years here, Chris Whittle, was retiring.

Um, and so it just seemed like the right time.

And then he explains the differences that, uh, were made to this hole.