WEBVTT #Elemental Media Engine(TM) 2.18.0.0 00:00:02.869 --> 00:00:03.003 and 00:00:03.003 --> 00:00:03.069 and delight 00:00:03.069 --> 00:00:03.336 and delight to 00:00:03.336 --> 00:00:05.772 and delight to the 00:00:05.772 --> 00:00:06.406 and delight to the proceedings 00:00:06.406 --> 00:00:06.573 and delight to the proceedings that 00:00:06.573 --> 00:00:06.639 and delight to the proceedings that nibbling 00:00:06.639 --> 00:00:06.873 the proceedings that nibbling 00:00:06.873 --> 00:00:06.940 the proceedings that nibbling what 00:00:06.940 --> 00:00:07.073 the proceedings that nibbling what you 00:00:07.073 --> 00:00:07.173 the proceedings that nibbling what you reckon 00:00:07.173 --> 00:00:07.240 the proceedings that nibbling what you reckon that 00:00:07.240 --> 00:00:07.440 what you reckon that 00:00:07.440 --> 00:00:07.574 what you reckon that the 00:00:07.574 --> 00:00:07.707 what you reckon that the script 00:00:07.707 --> 00:00:07.807 what you reckon that the script about 00:00:07.807 --> 00:00:07.874 what you reckon that the script about more 00:00:07.874 --> 00:00:07.941 what you reckon that the script about more of 00:00:07.941 --> 00:00:08.008 what you reckon that the script about more of an 00:00:08.008 --> 00:00:08.241 the script about more of an 00:00:08.241 --> 00:00:08.375 the script about more of an Amber 00:00:08.375 --> 00:00:08.441 the script about more of an Amber light 00:00:08.441 --> 00:00:08.575 the script about more of an Amber light we 00:00:08.575 --> 00:00:08.708 the script about more of an Amber light we have 00:00:08.708 --> 00:00:08.775 the script about more of an Amber light we have been 00:00:08.775 --> 00:00:09.009 Amber light we have been 00:00:09.009 --> 00:00:10.477 Amber light we have been we've 00:00:10.477 --> 00:00:10.710 Amber light we have been we've been 00:00:10.710 --> 00:00:10.777 Amber light we have been we've been recommending 00:00:10.777 --> 00:00:10.844 Amber light we have been we've been recommending be 00:00:10.844 --> 00:00:11.077 we've been recommending be 00:00:11.077 --> 00:00:12.979 we've been recommending be more 00:00:12.979 --> 00:00:13.146 we've been recommending be more selective 00:00:13.146 --> 00:00:13.213 we've been recommending be more selective looking 00:00:13.213 --> 00:00:13.279 we've been recommending be more selective looking at 00:00:13.279 --> 00:00:13.580 more selective looking at 00:00:13.580 --> 00:00:13.680 more selective looking at companies 00:00:13.680 --> 00:00:14.814 more selective looking at companies that 00:00:14.814 --> 00:00:14.948 more selective looking at companies that are 00:00:14.948 --> 00:00:15.015 more selective looking at companies that are higher 00:00:15.015 --> 00:00:15.315 companies that are higher 00:00:15.315 --> 00:00:15.448 companies that are higher quality 00:00:15.448 --> 00:00:15.515 companies that are higher quality looking 00:00:15.515 --> 00:00:15.715 companies that are higher quality looking at 00:00:15.715 --> 00:00:15.782 companies that are higher quality looking at companies 00:00:15.782 --> 00:00:16.016 quality looking at companies 00:00:16.016 --> 00:00:16.116 quality looking at companies that 00:00:16.116 --> 00:00:16.216 quality looking at companies that are 00:00:16.216 --> 00:00:16.383 quality looking at companies that are less 00:00:16.383 --> 00:00:16.449 quality looking at companies that are less exposed 00:00:16.449 --> 00:00:16.516 quality looking at companies that are less exposed to 00:00:16.516 --> 00:00:16.716 that are less exposed to 00:00:16.716 --> 00:00:16.916 that are less exposed to the 00:00:16.916 --> 00:00:17.050 that are less exposed to the regulatory 00:00:17.050 --> 00:00:17.150 that are less exposed to the regulatory shifts 00:00:17.150 --> 00:00:17.217 that are less exposed to the regulatory shifts and 00:00:17.217 --> 00:00:17.450 the regulatory shifts and 00:00:17.450 --> 00:00:17.584 the regulatory shifts and were 00:00:17.584 --> 00:00:17.684 the regulatory shifts and were parties 00:00:17.684 --> 00:00:17.784 the regulatory shifts and were parties all 00:00:17.784 --> 00:00:18.585 the regulatory shifts and were parties all some 00:00:18.585 --> 00:00:18.651 the regulatory shifts and were parties all some of 00:00:18.651 --> 00:00:18.852 were parties all some of 00:00:18.852 --> 00:00:19.052 were parties all some of the 00:00:19.052 --> 00:00:19.152 were parties all some of the regulatory 00:00:19.152 --> 00:00:19.219 were parties all some of the regulatory state 00:00:19.219 --> 00:00:19.519 the regulatory state 00:00:19.519 --> 00:00:19.886 the regulatory state regulatory 00:00:19.886 --> 00:00:19.986 the regulatory state regulatory issues 00:00:19.986 --> 00:00:20.120 the regulatory state regulatory issues and 00:00:20.120 --> 00:00:20.186 the regulatory state regulatory issues and have 00:00:20.186 --> 00:00:20.420 regulatory issues and have 00:00:20.420 --> 00:00:20.720 regulatory issues and have sold 00:00:20.720 --> 00:00:20.787 regulatory issues and have sold off 00:00:20.787 --> 00:00:22.022 regulatory issues and have sold off in 00:00:22.022 --> 00:00:22.122 regulatory issues and have sold off in line 00:00:22.122 --> 00:00:22.255 regulatory issues and have sold off in line so 00:00:22.255 --> 00:00:22.322 regulatory issues and have sold off in line so we're 00:00:22.322 --> 00:00:22.689 sold off in line so we're 00:00:22.689 --> 00:00:22.822 sold off in line so we're recommending 00:00:22.822 --> 00:00:22.956 sold off in line so we're recommending broadly 00:00:22.956 --> 00:00:23.023 sold off in line so we're recommending broadly being 00:00:23.023 --> 00:00:23.857 recommending broadly being 00:00:23.857 --> 00:00:25.091 recommending broadly being more 00:00:25.091 --> 00:00:25.191 recommending broadly being more selective 00:00:25.191 --> 00:00:25.325 recommending broadly being more selective with 00:00:25.325 --> 00:00:25.392 recommending broadly being more selective with and 00:00:25.392 --> 00:00:25.658 more selective with and 00:00:25.658 --> 00:00:25.759 more selective with and within 00:00:25.759 --> 00:00:25.859 more selective with and within tech 00:00:25.859 --> 00:00:26.993 more selective with and within tech space 00:00:26.993 --> 00:00:27.093 more selective with and within tech space and 00:00:27.093 --> 00:00:27.160 more selective with and within tech space and more 00:00:27.160 --> 00:00:30.930 within tech space and more 00:00:30.930 --> 00:00:30.997 within tech space and more broadly 00:00:30.997 --> 00:00:31.097 within tech space and more broadly the 00:00:31.097 --> 00:00:31.197 within tech space and more broadly the time 00:00:31.197 --> 00:00:31.264 within tech space and more broadly the time that 00:00:31.264 --> 00:00:31.331 within tech space and more broadly the time that an 00:00:31.331 --> 00:00:31.598 broadly the time that an 00:00:31.598 --> 00:00:31.765 broadly the time that an equity 00:00:31.765 --> 00:00:31.831 broadly the time that an equity universe 00:00:31.831 --> 00:00:31.898 broadly the time that an equity universe we 00:00:31.898 --> 00:00:31.998 broadly the time that an equity universe we do 00:00:31.998 --> 00:00:32.032 broadly the time that an equity universe we do like 00:00:32.032 --> 00:00:32.098 broadly the time that an equity universe we do like A 00:00:32.098 --> 00:00:34.834 equity universe we do like A 00:00:34.834 --> 00:00:34.934 equity universe we do like A shares 00:00:34.934 --> 00:00:35.001 equity universe we do like A shares are 00:00:35.001 --> 00:00:35.168 equity universe we do like A shares are a 00:00:35.168 --> 00:00:35.301 equity universe we do like A shares are a relative 00:00:35.301 --> 00:00:35.368 equity universe we do like A shares are a relative basis 00:00:35.368 --> 00:00:35.602 shares are a relative basis 00:00:35.602 --> 00:00:35.735 shares are a relative basis just 00:00:35.735 --> 00:00:35.902 shares are a relative basis just because 00:00:35.902 --> 00:00:36.002 shares are a relative basis just because they're 00:00:36.002 --> 00:00:36.069 shares are a relative basis just because they're less 00:00:36.069 --> 00:00:36.336 just because they're less 00:00:36.336 --> 00:00:36.403 just because they're less exposed 00:00:36.403 --> 00:00:37.871 just because they're less exposed to 00:00:37.871 --> 00:00:37.971 just because they're less exposed to Internet 00:00:37.971 --> 00:00:38.805 just because they're less exposed to Internet also 00:00:38.805 --> 00:00:38.872 just because they're less exposed to Internet also less 00:00:38.872 --> 00:00:39.472 exposed to Internet also less 00:00:39.472 --> 00:00:39.739 exposed to Internet also less exposed 00:00:39.739 --> 00:00:40.206 exposed to Internet also less exposed or 00:00:40.206 --> 00:00:40.273 exposed to Internet also less exposed or close 00:00:40.273 --> 00:00:40.340 exposed to Internet also less exposed or close the 00:00:40.340 --> 00:00:40.407 exposed to Internet also less exposed or close the US 00:00:40.407 --> 00:00:40.473 exposed to Internet also less exposed or close the US is 00:00:40.473 --> 00:00:40.774 exposed or close the US is 00:00:40.774 --> 00:00:41.041 exposed or close the US is already 00:00:41.041 --> 00:00:41.107 exposed or close the US is already taking 00:00:41.107 --> 00:00:42.275 exposed or close the US is already taking the 00:00:42.275 --> 00:00:42.342 exposed or close the US is already taking the and 00:00:42.342 --> 00:00:42.542 already taking the and 00:00:42.542 --> 00:00:42.642 already taking the and the 00:00:42.642 --> 00:00:42.842 already taking the and the lines 00:00:42.842 --> 00:00:42.876 already taking the and the lines enabling 00:00:42.876 --> 00:00:43.009 already taking the and the lines enabling a 00:00:43.009 --> 00:00:43.076 already taking the and the lines enabling a little 00:00:43.076 --> 00:00:43.309 the lines enabling a little 00:00:43.309 --> 00:00:44.778 the lines enabling a little bit 00:00:44.778 --> 00:00:44.844 the lines enabling a little bit for 00:00:44.844 --> 00:00:44.911 the lines enabling a little bit for the 00:00:44.911 --> 00:00:45.011 the lines enabling a little bit for the pole 00:00:45.011 --> 00:00:45.145 the lines enabling a little bit for the pole for 00:00:45.145 --> 00:00:45.211 the lines enabling a little bit for the pole for profit 00:00:45.211 --> 00:00:45.545 bit for the pole for profit 00:00:45.545 --> 00:00:45.678 bit for the pole for profit education 00:00:45.678 --> 00:00:45.745 bit for the pole for profit education sector 00:00:45.745 --> 00:00:45.845 bit for the pole for profit education sector is 00:00:45.845 --> 00:00:45.945 bit for the pole for profit education sector is Emily 00:00:45.945 --> 00:00:46.012 bit for the pole for profit education sector is Emily was 00:00:46.012 --> 00:00:46.346 education sector is Emily was 00:00:46.346 --> 00:00:46.513 education sector is Emily was showing 00:00:46.513 --> 00:00:47.313 education sector is Emily was showing us 00:00:47.313 --> 00:00:47.447 education sector is Emily was showing us a 00:00:47.447 --> 00:00:47.514 education sector is Emily was showing us a number 00:00:47.514 --> 00:00:48.248 education sector is Emily was showing us a number of 00:00:48.248 --> 00:00:48.314 education sector is Emily was showing us a number of those 00:00:48.314 --> 00:00:48.615 showing us a number of those 00:00:48.615 --> 00:00:48.815 showing us a number of those companies 00:00:48.815 --> 00:00:48.982 showing us a number of those companies that 00:00:48.982 --> 00:00:49.082 showing us a number of those companies that may 00:00:49.082 --> 00:00:49.149 showing us a number of those companies that may try 00:00:49.149 --> 00:00:49.215 showing us a number of those companies that may try to 00:00:49.215 --> 00:00:49.482 companies that may try to 00:00:49.482 --> 00:00:49.582 companies that may try to bounce 00:00:49.582 --> 00:00:49.682 companies that may try to bounce about 00:00:49.682 --> 00:00:49.749 companies that may try to bounce about two 00:00:49.749 --> 00:00:49.849 companies that may try to bounce about two to 00:00:49.849 --> 00:00:49.916 companies that may try to bounce about two to three 00:00:49.916 --> 00:00:50.417 bounce about two to three 00:00:50.417 --> 00:00:50.550 bounce about two to three percent 00:00:50.550 --> 00:00:50.650 bounce about two to three percent today 00:00:50.650 --> 00:00:50.784 bounce about two to three percent today was 00:00:50.784 --> 00:00:50.850 bounce about two to three percent today was nothing 00:00:50.850 --> 00:00:54.187 percent today was nothing 00:00:54.187 --> 00:00:54.254 percent today was nothing like 00:00:54.254 --> 00:00:54.421 percent today was nothing like the 00:00:54.421 --> 00:00:54.487 percent today was nothing like the foals 00:00:54.487 --> 00:00:54.554 percent today was nothing like the foals the 00:00:54.554 --> 00:00:54.621 percent today was nothing like the foals the ad 00:00:54.621 --> 00:00:54.687 percent today was nothing like the foals the ad but 00:00:54.687 --> 00:00:54.954 like the foals the ad but 00:00:54.954 --> 00:00:55.055 like the foals the ad but still 00:00:55.055 --> 00:00:55.121 like the foals the ad but still there 00:00:55.121 --> 00:00:55.155 like the foals the ad but still there is 00:00:55.155 --> 00:00:55.255 like the foals the ad but still there is a 00:00:55.255 --> 00:00:55.321 like the foals the ad but still there is a bit 00:00:55.321 --> 00:00:55.388 like the foals the ad but still there is a bit of 00:00:55.388 --> 00:00:55.688 still there is a bit of 00:00:55.688 --> 00:00:55.789 still there is a bit of nibbling 00:00:55.789 --> 00:00:55.855 still there is a bit of nibbling going 00:00:55.855 --> 00:00:55.922 still there is a bit of nibbling going on 00:00:55.922 --> 00:00:55.989 still there is a bit of nibbling going on if 00:00:55.989 --> 00:01:00.060 still there is a bit of nibbling going on if we 00:01:00.060 --> 00:01:00.126 still there is a bit of nibbling going on if we take 00:01:00.126 --> 00:01:00.393 nibbling going on if we take 00:01:00.393 --> 00:01:00.460 nibbling going on if we take history 00:01:00.460 --> 00:01:00.560 nibbling going on if we take history as 00:01:00.560 --> 00:01:00.693 nibbling going on if we take history as our 00:01:00.693 --> 00:01:01.027 nibbling going on if we take history as our guide 00:01:01.027 --> 00:01:01.094 nibbling going on if we take history as our guide here 00:01:01.094 --> 00:01:01.327 history as our guide here 00:01:01.327 --> 00:01:01.394 history as our guide here itis 00:01:01.394 --> 00:01:01.461 history as our guide here itis in 00:01:01.461 --> 00:01:01.594 history as our guide here itis in the 00:01:01.594 --> 00:01:02.262 history as our guide here itis in the Korea 00:01:02.262 --> 00:01:02.328 history as our guide here itis in the Korea did 00:01:02.328 --> 00:01:02.529 itis in the Korea did 00:01:02.529 --> 00:01:02.629 itis in the Korea did the 00:01:02.629 --> 00:01:02.729 itis in the Korea did the same 00:01:02.729 --> 00:01:02.829 itis in the Korea did the same that 00:01:02.829 --> 00:01:03.029 itis in the Korea did the same that they 00:01:03.029 --> 00:01:03.096 itis in the Korea did the same that they prophesy 00:01:03.096 --> 00:01:03.296 the same that they prophesy 00:01:03.296 --> 00:01:03.363 the same that they prophesy to 00:01:03.363 --> 00:01:03.563 the same that they prophesy to the 00:01:03.563 --> 00:01:03.696 the same that they prophesy to the education 00:01:03.696 --> 00:01:04.164 the same that they prophesy to the education sector 00:01:04.164 --> 00:01:04.230 the same that they prophesy to the education sector about 00:01:04.230 --> 00:01:04.497 to the education sector about 00:01:04.497 --> 00:01:04.597 to the education sector about twenty 00:01:04.597 --> 00:01:05.065 to the education sector about twenty years 00:01:05.065 --> 00:01:05.165 to the education sector about twenty years ago 00:01:05.165 --> 00:01:05.698 to the education sector about twenty years ago can 00:01:05.698 --> 00:01:05.765 to the education sector about twenty years ago can learn 00:01:05.765 --> 00:01:05.999 twenty years ago can learn 00:01:05.999 --> 00:01:06.099 twenty years ago can learn from 00:01:06.099 --> 00:01:06.199 twenty years ago can learn from that 00:01:06.199 --> 00:01:07.000 twenty years ago can learn from that from 00:01:07.000 --> 00:01:08.234 twenty years ago can learn from that from an 00:01:08.234 --> 00:01:08.301 twenty years ago can learn from that from an investment 00:01:08.301 --> 00:01:10.170 from that from an investment 00:01:10.170 --> 00:01:10.270 from that from an investment perspective. 00:01:10.270 --> 00:01:10.403 from that from an investment perspective. Yes 00:01:10.403 --> 00:01:10.470 from that from an investment perspective. Yes that's 00:01:10.470 --> 00:01:10.737 perspective. Yes that's 00:01:10.737 --> 00:01:10.804 perspective. Yes that's really 00:01:10.804 --> 00:01:10.904 perspective. Yes that's really the 00:01:10.904 --> 00:01:11.971 perspective. Yes that's really the only 00:01:11.971 --> 00:01:12.038 perspective. Yes that's really the only similar 00:01:12.038 --> 00:01:12.305 really the only similar 00:01:12.305 --> 00:01:12.405 really the only similar example 00:01:12.405 --> 00:01:13.506 really the only similar example where 00:01:13.506 --> 00:01:15.108 really the only similar example where they 00:01:15.108 --> 00:01:15.241 really the only similar example where they had 00:01:15.241 --> 00:01:16.976 really the only similar example where they had a 00:01:16.976 --> 00:01:17.043 really the only similar example where they had a good 00:01:17.043 --> 00:01:17.343 example where they had a good 00:01:17.343 --> 00:01:17.444 example where they had a good education 00:01:17.444 --> 00:01:17.577 example where they had a good education for 00:01:17.577 --> 00:01:17.710 example where they had a good education for proper 00:01:17.710 --> 00:01:17.777 example where they had a good education for proper tutors 00:01:17.777 --> 00:01:18.011 education for proper tutors 00:01:18.011 --> 00:01:18.078 education for proper tutors today 00:01:18.078 --> 00:01:18.211 education for proper tutors today in 00:01:18.211 --> 00:01:18.311 education for proper tutors today in sector 00:01:18.311 --> 00:01:18.411 education for proper tutors today in sector one 00:01:18.411 --> 00:01:18.478 education for proper tutors today in sector one that 00:01:18.478 --> 00:01:18.545 education for proper tutors today in sector one that was 00:01:18.545 --> 00:01:18.778 today in sector one that was 00:01:18.778 --> 00:01:18.878 today in sector one that was that 00:01:18.878 --> 00:01:18.912 today in sector one that was that was 00:01:18.912 --> 00:01:19.045 today in sector one that was that was a 00:01:19.045 --> 00:01:19.245 today in sector one that was that was a publicly 00:01:19.245 --> 00:01:19.312 today in sector one that was that was a publicly listed 00:01:19.312 --> 00:01:19.746 that was a publicly listed 00:01:19.746 --> 00:01:19.846 that was a publicly listed and 00:01:19.846 --> 00:01:20.380 that was a publicly listed and there 00:01:20.380 --> 00:01:20.480 that was a publicly listed and there they 00:01:20.480 --> 00:01:20.647 that was a publicly listed and there they have 00:01:20.647 --> 00:01:20.713 that was a publicly listed and there they have cracked 00:01:20.713 --> 00:01:20.947 and there they have cracked 00:01:20.947 --> 00:01:22.916 and there they have cracked down 00:01:22.916 --> 00:01:22.982 and there they have cracked down in 00:01:22.982 --> 00:01:23.149 and there they have cracked down in the 00:01:23.149 --> 00:01:23.216 and there they have cracked down in the eighties 00:01:23.216 --> 00:01:24.117 and there they have cracked down in the eighties but 00:01:24.117 --> 00:01:24.184 and there they have cracked down in the eighties but it 00:01:24.184 --> 00:01:24.451 down in the eighties but it 00:01:24.451 --> 00:01:26.019 down in the eighties but it didn't 00:01:26.019 --> 00:01:26.186 down in the eighties but it didn't really 00:01:26.186 --> 00:01:26.319 down in the eighties but it didn't really happy 00:01:26.319 --> 00:01:26.386 down in the eighties but it didn't really happy that 00:01:26.386 --> 00:01:26.653 didn't really happy that 00:01:26.653 --> 00:01:26.820 didn't really happy that article 00:01:26.820 --> 00:01:26.886 didn't really happy that article address 00:01:26.886 --> 00:01:27.087 article address 00:01:27.087 --> 00:01:27.287 article address the 00:01:27.287 --> 00:01:27.420 article address the underlying 00:01:27.420 --> 00:01:27.921 article address the underlying causes 00:01:27.921 --> 00:01:27.987 article address the underlying causes which 00:01:27.987 --> 00:01:28.188 the underlying causes which 00:01:28.188 --> 00:01:28.521 the underlying causes which was 00:01:28.521 --> 00:01:28.688 the underlying causes which was an 00:01:28.688 --> 00:01:28.855 the underlying causes which was an example 00:01:28.855 --> 00:01:28.922 the underlying causes which was an example system 00:01:28.922 --> 00:01:28.988 the underlying causes which was an example system and 00:01:28.988 --> 00:01:29.055 the underlying causes which was an example system and you 00:01:29.055 --> 00:01:29.289 was an example system and you 00:01:29.289 --> 00:01:29.355 was an example system and you just 00:01:29.355 --> 00:01:29.489 was an example system and you just saw 00:01:29.489 --> 00:01:29.556 was an example system and you just saw parents 00:01:29.556 --> 00:01:30.090 was an example system and you just saw parents and 00:01:30.090 --> 00:01:30.156 was an example system and you just saw parents and family 00:01:30.156 --> 00:01:30.423 just saw parents and family 00:01:30.423 --> 00:01:30.557 just saw parents and family still 00:01:30.557 --> 00:01:31.991 just saw parents and family still looking 00:01:31.991 --> 00:01:33.226 just saw parents and family still looking for 00:01:33.226 --> 00:01:33.293 just saw parents and family still looking for private 00:01:33.293 --> 00:01:34.527 still looking for private 00:01:34.527 --> 00:01:34.627 still looking for private tutoring 00:01:34.627 --> 00:01:34.828 still looking for private tutoring and 00:01:34.828 --> 00:01:34.894 still looking for private tutoring and eventually 00:01:34.894 --> 00:01:36.696 tutoring and eventually 00:01:36.696 --> 00:01:36.796 tutoring and eventually eventually 00:01:36.796 --> 00:01:36.896 tutoring and eventually eventually relax 00:01:36.896 --> 00:01:36.963 tutoring and eventually eventually relax some 00:01:36.963 --> 00:01:37.330 eventually relax some 00:01:37.330 --> 00:01:37.464 eventually relax some restrictions. 00:01:37.464 --> 00:01:37.530 eventually relax some restrictions. It's 00:01:37.530 --> 00:01:37.630 eventually relax some restrictions. It's not 00:01:37.630 --> 00:01:37.697 eventually relax some restrictions. It's not clear 00:01:37.697 --> 00:01:37.931 restrictions. It's not clear 00:01:37.931 --> 00:01:37.997 restrictions. It's not clear this 00:01:37.997 --> 00:01:38.064 restrictions. It's not clear this is 00:01:38.064 --> 00:01:38.198 restrictions. It's not clear this is an 00:01:38.198 --> 00:01:38.264 restrictions. It's not clear this is an apples 00:01:38.264 --> 00:01:38.398 restrictions. It's not clear this is an apples to 00:01:38.398 --> 00:01:38.465 restrictions. It's not clear this is an apples to apples 00:01:38.465 --> 00:01:38.765 this is an apples to apples 00:01:38.765 --> 00:01:38.865 this is an apples to apples comparison 00:01:38.865 --> 00:01:39.466 this is an apples to apples comparison now 00:01:39.466 --> 00:01:39.566 this is an apples to apples comparison now just 00:01:39.566 --> 00:01:39.632 this is an apples to apples comparison now just given 00:01:39.632 --> 00:01:39.866 comparison now just given 00:01:39.866 --> 00:01:40.066 comparison now just given what 00:01:40.066 --> 00:01:40.233 comparison now just given what we've 00:01:40.233 --> 00:01:40.333 comparison now just given what we've seen 00:01:40.333 --> 00:01:40.467 comparison now just given what we've seen in 00:01:40.467 --> 00:01:40.567 comparison now just given what we've seen in terms 00:01:40.567 --> 00:01:40.633 comparison now just given what we've seen in terms of 00:01:40.633 --> 00:01:40.834 what we've seen in terms of 00:01:40.834 --> 00:01:41.401 what we've seen in terms of the 00:01:41.401 --> 00:01:41.501 what we've seen in terms of the announcement 00:01:41.501 --> 00:01:42.035 what we've seen in terms of the announcement out 00:01:42.035 --> 00:01:42.135 what we've seen in terms of the announcement out of 00:01:42.135 --> 00:01:42.202 what we've seen in terms of the announcement out of out 00:01:42.202 --> 00:01:42.402 the announcement out of out 00:01:42.402 --> 00:01:43.269 the announcement out of out of 00:01:43.269 --> 00:01:43.570 the announcement out of out of China 00:01:43.570 --> 00:01:43.636 the announcement out of out of China and 00:01:43.636 --> 00:01:44.804 the announcement out of out of China and the 00:01:44.804 --> 00:01:44.971 the announcement out of out of China and the back 00:01:44.971 --> 00:01:45.038 the announcement out of out of China and the back la 00:01:45.038 --> 00:01:45.305 of China and the back la 00:01:45.305 --> 00:01:45.371 of China and the back la These 00:01:45.371 --> 00:01:45.438 of China and the back la These are 00:01:45.438 --> 00:01:45.538 of China and the back la These are our 00:01:45.538 --> 00:01:45.705 of China and the back la These are our lives 00:01:45.705 --> 00:01:45.772 of China and the back la These are our lives overseas 00:01:45.772 --> 00:01:46.005 These are our lives overseas 00:01:46.005 --> 00:01:46.172 These are our lives overseas and 00:01:46.172 --> 00:01:46.239 These are our lives overseas and there's 00:01:46.239 --> 00:01:49.509 These are our lives overseas and there's no 00:01:49.509 --> 00:01:49.576 These are our lives overseas and there's no restrictions 00:01:49.576 --> 00:01:49.776 and there's no restrictions 00:01:49.776 --> 00:01:49.976 and there's no restrictions on 00:01:49.976 --> 00:01:50.176 and there's no restrictions on accepting 00:01:50.176 --> 00:01:50.243 and there's no restrictions on accepting accepting 00:01:50.243 --> 00:01:50.543 on accepting accepting 00:01:50.543 --> 00:01:50.710 on accepting accepting foreign 00:01:50.710 --> 00:01:50.810 on accepting accepting foreign capital 00:01:50.810 --> 00:01:50.910 on accepting accepting foreign capital and 00:01:50.910 --> 00:01:50.977 on accepting accepting foreign capital and even 00:01:50.977 --> 00:01:51.344 foreign capital and even 00:01:51.344 --> 00:01:51.411 foreign capital and even restrictions 00:01:51.411 --> 00:01:51.478 foreign capital and even restrictions on 00:01:51.478 --> 00:01:51.544 foreign capital and even restrictions on on 00:01:51.544 --> 00:01:51.678 foreign capital and even restrictions on on on 00:01:51.678 --> 00:01:51.744 foreign capital and even restrictions on on on making 00:01:51.744 --> 00:01:51.911 restrictions on on on making 00:01:51.911 --> 00:01:52.078 restrictions on on on making a 00:01:52.078 --> 00:01:52.145 restrictions on on on making a profit. 00:01:52.145 --> 00:01:52.278 restrictions on on on making a profit. So 00:01:52.278 --> 00:01:53.246 restrictions on on on making a profit. So that's 00:01:53.246 --> 00:01:53.313 restrictions on on on making a profit. So that's one 00:01:53.313 --> 00:01:54.848 a profit. So that's one 00:01:54.848 --> 00:01:54.981 a profit. So that's one particular 00:01:54.981 --> 00:01:55.048 a profit. So that's one particular example 00:01:55.048 --> 00:01:55.148 a profit. So that's one particular example to 00:01:55.148 --> 00:01:55.215 a profit. So that's one particular example to look 00:01:55.215 --> 00:01:55.281 a profit. So that's one particular example to look at 00:01:55.281 --> 00:01:55.515 particular example to look at 00:01:55.515 --> 00:01:55.582 particular example to look at but 00:01:55.582 --> 00:01:55.682 particular example to look at but it 00:01:55.682 --> 00:01:56.683 particular example to look at but it does 00:01:56.683 --> 00:01:57.717 particular example to look at but it does seem 00:01:57.717 --> 00:01:57.851 particular example to look at but it does seem like 00:01:57.851 --> 00:01:57.917 particular example to look at but it does seem like it's 00:01:57.917 --> 00:01:58.184 but it does seem like it's 00:01:58.184 --> 00:01:58.284 but it does seem like it's probably 00:01:58.284 --> 00:01:58.384 but it does seem like it's probably too 00:01:58.384 --> 00:01:58.451 but it does seem like it's probably too early 00:01:58.451 --> 00:01:58.551 but it does seem like it's probably too early to 00:01:58.551 --> 00:01:58.618 but it does seem like it's probably too early to know 00:01:58.618 --> 00:01:58.818 probably too early to know 00:01:58.818 --> 00:01:58.918 probably too early to know the 00:01:58.918 --> 00:01:59.119 probably too early to know the exact 00:01:59.119 --> 00:01:59.185 probably too early to know the exact implications 00:01:59.185 --> 00:01:59.252 probably too early to know the exact implications in 00:01:59.252 --> 00:01:59.452 the exact implications in 00:01:59.452 --> 00:01:59.552 the exact implications in the 00:01:59.552 --> 00:01:59.886 the exact implications in the exact 00:01:59.886 --> 00:01:59.953 the exact implications in the exact impact 00:01:59.953 --> 00:02:00.120 the exact implications in the exact impact of 00:02:00.120 --> 00:02:00.220 the exact implications in the exact impact of this 00:02:00.220 --> 00:02:00.286 the exact implications in the exact impact of this ship 00:02:00.286 --> 00:02:00.487 the exact impact of this ship 00:02:00.487 --> 00:02:00.553 the exact impact of this ship in 00:02:00.553 --> 00:02:00.787 the exact impact of this ship in the 00:02:00.787 --> 00:02:01.187 the exact impact of this ship in the sector 00:02:01.187 --> 00:02:01.254 the exact impact of this ship in the sector but 00:02:01.254 --> 00:02:02.355 the exact impact of this ship in the sector but it 00:02:02.355 --> 00:02:02.422 the exact impact of this ship in the sector but it does 00:02:02.422 --> 00:02:02.689 in the sector but it does 00:02:02.689 --> 00:02:05.324 in the sector but it does appear