Michael is looking to talk to Emily, his legislative assistant.

I just want to circle back to Emily and let her know that we were down here again from our previous meeting, that the congressman is still not on the bill, and we haven't had any correspondence since then.

Okay, I will be sure to pass this along.

Thank you.

I greatly appreciate

Swalwell is one of just seven lawmakers they get to sign onto the bill by September 11th.

You never really come down here and get anybody to tell you no to your face.

So that's one thing that you have to understand.

But how does how does the damage protection work and who are you networked with to be able to pay those out?

Yeah, so we have a few different options when it comes to damage protection.

Well, actually, there's a lot of options.

One being the differentiation of the flows themselves.

So we have kind of this model that is reminiscent of a lot of the old school management companies where you can say, hey, Mr.

Guest, you can do a security deposit.

And if you don't want to do that security deposit, you could purchase a non-refundable damage waiver.

So, I mean, how was that just like, you know, one of your innovations that you thought from the get go, like, let's just do it all.

So what did you do? How did you go about checking this to see what the true conclusions are from the study?

Yeah.

So in the original paper, the author calculates a lifetime buy and hold return for each stock.

And the argument is that this return reflects the experience of an individual investor, but it doesn't reflect the experience of investors in the aggregate.

a thousand percent return on a small cap may not matter very much but a 20 return on a large cap you know you may be looking at billions in the aggregate so the idea in the original paper of the wealth creation is to ask for each stock how many dollars do shareholders gain or lose relative to putting the same capital into t-bills into the risk-free asset So as Sandy said, using the CRISP database from 1926 to 2016, you get approximately 26,000 stocks.

The method that is used to calculate this wealth creation statistic is for each month you get the total return on stock including dividends.

You then subtract the risk-free rate that gives you a risk premium.

But what you can get is a kind of almost flagging system that says if these sets of characteristics sit there, probabilities against you in your ability to make the correct selection so don't do it so I think if you can get guidelines coming out of the work we're trying to do that begins to slant it in our favor hopefully you bring all skills or knowledge or smart people who understand the companies and so forth but if you can get some sort of framework that says you're getting into territory here where you're probably picking is my working one of my kind of working rules through my career was you know don't don't be a salmon don't try and swim up a river your ability to pick the one that makes up the river is much lower than going in something where the secular trends are in its favor but maybe pastor michael just to

[laughs]

... learning how to, how different ecosystems work and things like that, and who've tried to keep me honest, and also tried to help me develop a game that s- you know, 'cause there's so many different reproductive processes for things that live in the sea.

And, you know, even fish, you know, have, just among themselves, have so many, that you couldn't just say, "Yeah, that's an egg," or, "This is a nest." We wanted to come up with a way that would kind of be universal to represent that, you know? And so I think the marine biologists kind of helped me with that, where I'm saying, "Hey, this is a simpler game." But we started out with mermaid purses and just all sorts of different reproductive things, and then we eventually were like, "How many eggs is an egg?" And we're like, 'cause in Wingspan, like she tries to get about the number of actual eggs that could be in the nest of a bird.

And so we eventually were just like, "Let's just, you know...

If, if one egg's supposed to represent thousands, then we'll just have one egg per, uh, fish, you know, to kind of represent that reproductive piece." I did do a lot of, uh, simplifying, and I did that, you know, working with folks to help, I don't know, keep it flavorful, even though we're trying to represent a lot of things, you know?

So yeah, what's coming very, very soon?

The focus of it's sharks and reefs.

I've got a couple of shark only mechanics in there.

So, so how did Finspan sort of come about?

So, um...

And you can see my World of Wingspan shirt.

It's got...

You can only see the dragon.

We have, uh, three games.

Wingspan, uh, is the first one, and then a couple years ago we followed it up with Wyrmspan.

So yeah, what's coming very, very soon?

They had been married for a year or so, and they were struggling, um, having issues in their relationship, which caused them to separate.

We continued to conduct additional interviews, follow up on various leads, and then it went dead.

It was a tragedy.

There were times when I wondered if we would ever make an arrest.

Remember, Bob had called police four times that night.

What's the Shakespeare quote? "He protests too much." It was interesting to us that he was calling so frequently and so soon.

It didn't seem normal.