Pricing Real Options Contracts in Capacity Exchanges

Google Tech Talks
October 20, 2006

ABSTRACT
First talk (joint work with Dr. Shijie Deng of GT) is a theory piece where we propose to create industrial exchanges for capacity trading via options contracts. In a continuous-time setting, we study the pricing of tradable capacity options contracts in business-to-business (B2B) exchanges in a variety of industries such as contract manufacturing, semiconductor (e.g. memory chips), oil and gas, electric power or commodity chemicals. The contract takes the form of European call option that specifies a premium price and a strike price. We show that the real options pricing formula is a modified Black-Merton-Scholes pricing formula and is equivalent to the...

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Closed Caption:

so we have here with us
my professor at Georgia Tech he I
he's a professor van for mission
technology management at turning back
and he had PC from Warren and he's got a
buncha publications and the whole one
serve
different journals such measures science
turn over management information systems
European Journal of operational research
design support systems Excella
so without further ado Hindi do became
thank you
can ever hear me yeahh thank you are
see the incentive for me to do is to
Google Voice app before my teaching
say I'm teaching is an electronic
commerce Kos Sr so we have arm
say lots of an MBA Sandusky who is a
must that each case
sigh 120 come here for site visit to add
to check out whether
you have free lunch here on Oct I
disbelief other free nights and also to
learn how to play Lego
I but then I said if you go to shine as
I think I you do a talk I think guys you
know
I course you're talking I
so then I sent him about three topics
and yeah
yeah he actually maybe check I heard a
check was professor Hall a right now and
then says they know what I don't you're
paying a pic to %uh okay
so I'm going to do to talks here are but
I it's a work in progress its ongoing
project at the Georgia Tech
job so I like to keep the talk a very
young for my new interactive farm
and you can ask any questions for me we
don't have any
confidential question is in a bid to
open a research yeah
this talk I its about price area options
contracts are
incapacity exchanges I it's a joint
walked with professor Shuji attend
for the I'm School of Industrial I and
systems engineering at Georgia Tech
I'm so the motivation of this research
as it's really the Internet I get into
that too has a really I'm
revolutionized the definition of a
market
and to in fact has created many new
electronic marketplaces
Google is a is a must each case a I
and the others into I I won't cost them
their rivals of Go Go huh
no arm see
we have a proposal for you yeah
why I'm here. areas I want to discuss
with you are you at the theater them
the lotto you know it is here I'll so
here's the idea how we have been
thinking about a long time market say it
what's the next thing you know that we
have %ah this new marketing it was the
new
up yeah they know we can do bob it's a
smart market of our capacity trading
I'm and the ideas are
very simple okay the ideas are see
I want to offer our capacity as a option
K its difference what and then doing now
okay I like to use this example asap
imagine how I
yeah just imagine said Dale Hollow case
going to a saucy in
for memory chips from a supplier in
China
okay just imagine this company called
Foxhall okay yeah I'm not sure this is a
really true business but here is up by
ear
and the supplier say I say I want to buy
memberships
for the moment to what they do is to me
that they signed a master contracts
but I have to buy right set for example
are let's say at which a
a particular contract that states are
Solomon units a memory chips
pay for me to produce my another Dell
computer
I'm then say how much should I sigh and
events with my supplier
saner I'll yeah if I signed out lots
in advance but in the process things I
change
see I don't know actually my market
demand okay of thought January
2007 could be higher could be law
overrides
and 2i don't know what im tell you is
going to do haha yeah I think it's that
go out is keeping you know it in now
to what the effort you in the process
you know say they have a new release
see if a particular set of them by the
you the RAM exchange
okay arm so you have a new release what
would I do
to win this huge in the stuff I signs
may not have to buy
so therefore the IDS whatever we don't
actually I'm
signed a contract for actress style you
had amassed
how bouts we find this capacity as a
option okay
and by next January
I could exercise my option okay you
you know I do need to those memory chips
okay otherwise
I could us not exercise I can choose not
to exercise
so that's the basic idea so what I want
to propose he is
a it's a continuous auction of this
capacity
options it's a auction of options
so that's the bay at the scene what
doing and the wind is this a new ESP cuz
right here we have two markets okay the
first walk andy is
with caught the contract model market
all of this market
of the advance to market say tieu ahead
tonight I'm gonna contract for the
capacity
and for memory chips and also I have a
spot market
see Alma day that's a January the first
20
Savile when I need the stuff I need to
the memory chips right
so there's a price right there that's a
small price
so I want to integrate those Bose prices
so you know that's the beauty of the
internet said previously
it's separated to now we actually have
opportunity to actually to integrate
those two markets right
the for market all the options market
and the spot market
okay the way I'm going to integrate them
he is using his idea cautery options
in a from from finance so that's the
basic idea is to look into all
continuously see auction
those Cup past the options okay
yeah and those of shit seeing is that
really a review of his contract that's
can come act therefore markets all the
office market
and the spot market and so what small
all you miss talkin to all contribution
yes we know we actually have a
continuous-time model
of capacity options trading Sony
electronic marketplaces
so if you all they know the stuff you
can go on yeah that's basically you know
that's all I'm going to
discuss um CL yet this is
I big day in ICU it's a precise example
okay yeah let me again using day either
example but it may not be true
ok am just so you know they like to use
the some names that gave you the idea
suppose I want to buy say the RAM memory
chips
okay safe for the moment okay if they
could
ninety percent you know of these I'll
do's contracts in SA maybe into a gift
to our long-term all
incumbent supplier okay said this is
somebody
they have been doing business all on
time then known and for the rest of
today
10 percent of those a I'm
capacity okay a or they're going to get
it from there yet
spot market all enough from makes
exchange K
its it's a very small percentage love
roughly 10 percentage
the reason yes they are the calls are
saying that my second topic talk about
those non price attributes
like a quality are and they're also
relationship seek a long time
relationships
so the tranny in that industry right now
yes they're caught caught the structure
sourcing
what they do is I'm said they want to be
able to hedge price
see it because I don't know the price
next january
saying that the I want to be able to
hates the price I also
to be able to page my shot each year by
the time I needed to I wanna make sure I
can
I i cant get it and I also want the same
cost
okay they are three goals you have to
decide if i sry goes
page price hey to risk
and also I safe cost I
so we're going to claim you know we have
a mod all we have a contract
actually came help firms to satisfy all
3 criteria yet this is a good day
another example is about the electric
power
market I'll yeah send them but I'm not
to go over so this is the thing we have
been working with a
have my advice that I want to know Paul
climbed offer our
yeah for over a decade you know but the
same an idea
so the commonalities that this the
following say I want to spend some time
to
to really lay down see the the problem
here
okay if I can tell you the problem I'm
done because then you can solve it
I yeah
so the problem here is again we have to
market so you have this contract market
okay let's just assume it's a year ahead
okay I'm going to assign him as a yeah
with some the suppliers save in China
I K for you know it's a large amount
on sit no stop billion dollar
contracts I do you know if they could be
a year ahead K
I now we have a small market depends on
what we're talking about electric co-op
power is that it and I had a few seconds
I'll and but for memory chips who can be
just on that day
I'm so you have to walk in the contract
market away a hat
and then the spot market to what we're
proposing in between so you can trade
say let's see again a thinking about I
say let's say who is standing this kind
of contacts
say for example I it's a TSMC Taiwan
Semiconductor Manufacturing Company
comp so they are sending you that let's
assume that stay off
map tradable have capacities of stand
into in town those changeable capacity
options
okay but you know in between you and you
may trade
K and CPU vents are the following:
okay say first of all the suppliers that
in a bit
okay the contracts and also the capacity
okay suppose I house a big capacity
let's
make it simple and that's a hundred K
but I don't have to tell you I can't
sell 100 K
zappa decided to Missy see how much to
post
into a mouse so that team is it because
if I post a hundred you may take 200
right
but I may save some I may withhold some
of my capacity
because there's a trading going on say
now we are talking about the business
is on the day okay so there's a penny a
room seen as a for you to apply
okay so the supplies what they do is
stuck in the pits
those of his contract the office has
to park this %uh standards the first
part is our reservation fee
second-highest execution fee okay you
first have to pay
same save TSMC right enough the
no see less than two dollars per unit so
I'm just makin that
to reserve the capacity for you okay and
holiday
so if you want to act to exercise united
by this
say you pay some additional execution
fee or striking
this is also called the strike in price
that's a a dollar or two dollars in cash
for
okay to actually use the stuff but if
you don't want to exercise your options
contracts
you don't have to pay execution fee on
and they're hot they have to decide in a
see how much capacity after the post
okay now what the buyers can decide is
seen as a whether to buy those kinda
options
penis and how many options okay to
contract and had a mess
so that's the BIOS this issue and in the
process you know they could
update to know the formation said don't
know what's going to happen to on the
day
they don't know for them said January
say what the market looks like
okay so in the process both parties
boast the supplier
and the buyer no actually going to
update the information
okay them for their bid to I just know
decisions
how can the Assam the supplier just
because he knows he's
new adjust the reservation fee execution
be
also he has to control there a test
release of the capacity
if they find a way as again how much
capacitive hosts a
you can think about every day okay over
the time
and the same time yes the buyer to have
to think he is seen as a
weather should I buy all my heart okay
then also in a C you have to think at
The Witcher rate
okay to buy this yeah supply is keeping
posting
say they have to decide whether to buy
on our over the time so that's the Nazi
in between what happened okay and they
actually they can trade here
night that can trade the big framework
ES they can't rate
yeah buyers came by more than they
needed to then they can sell back in as
in the contract because they have
different beliefs right
between job about the state of the word
in all the famous a party for the buyer
see no say they have different needs
me another they may discover Tennessee
which markets anywhere
say what you know the these firms that
global firms
see a particular product I and if not
setting where he is said to call an MSL
well I Atlanta how %um batter in China
saying that the you know they actually
nothing can head checked across the
world
so that's why you have training going on
than on that day
at the supply decided to whether to cell
residual capacity
they may have raised a capacity right on
the spot market on not
okay and the buyer has to decide it
they're gonna decide okay I'm how much
to exercise so far he has accumulated
try the biochem in all this
capacity options okay then holiday
to happen you have to decide okay I'm
how much to exercise singer from all
this you know so you pay the reserve
capacity
and also how much to by from the spot
market
you nothing you don't have to buy from
those this of shit has tried
you could actually in salsa entirely all
your needs right
from the spot market if the small-market
give you a good deal
so are you with me so you know that's
the whole time I was going on
and time I'm going to present a model of
that can narrow down the idea is solid
one supplier
and one buyer okay let's see how can we
solve this problem
okay om get any questions see and desist
your basic setup that's the problem
we're looking at home
arm before we have to do this continues
time let's say whatever there's a need
to hear it
okay I'm some house you're not allowed
to trace
okay you can contracting contract in
advance a year ahead
K and you have to market contract market
and the options market what's going to
happen okay we actually solve this
problem
already are com so thanks west side yeah
I was after several
researchers I why is with Professor Jean
down from mom
your home i think is not Hong Kong
University that Professor
all kind of her I yeah is now at TLC at
yeah yeah impact is that yep
what we do is some see units to markets
last
again tackle okay we have office
contract to you have the reservation fee
okay executing theme and this captive
kill yes the optimal contract
a the buyers can the reserve from your
supplier
and we also have a spot market price PS
right there is open
and and we have time enough the small
market price and two we also have a
masher
about spot market the could liquidity so
this picture after tell seal
okay the solution for this to appear it
is actually
very simple and a very intuitive K
and what shows up here so if you travel
in Aus is the price after we of shame
K and if you travel
East a que yes tell seriously execution
fee price we did at transformation
so this helps resume she is because
these options
Charlotte at you up yup watch up a is
the prizes
the mean a mountain of the spot price
and snow execution fees right so you're
gonna
you gonna pay whatever is lower K so
that's
that's the little notations the
transformation
so once you do that transformation the
optimal solution yes those straight
lines
you know say 45 think we'll ask the end
though ahaha
so on sit down one can tell you
when these guys they have incentives to
trade when they don't
okay so all you have to do yes you do
this in dept the reservation fee
plus the effective price you know this I
we call this the fact that price
okay equal to the meaning of the spot
market price you have this forty
five-degree line
so if any supplies into post a
contractor okay
in the buyer does the capital a she is
this bigger than them enough spot market
price they're not gonna buy
because I'm going to wait rights seen us
I'm not going to pay more than them
enough the small market price so that's
a no trade here
and on the other hand arm
seat the suppliers they also need some
incentive to put this a paid theme they
need you to pay me something up front to
reserve capacity for you
so otherwise and I can't wait say why
should I saline and Ms
okay to you to the buyer so they'll
points only that nato
Triangle area okay is the training area
okay so this both parties seem to say
they have incentive to traipse
full capacity options and this is why we
have to can tell you exactly what the
optimal reservation
for the buyer is after a very simple is
this cap to you is though
utility function okay you can't this you
prime years
the bias women's we messed up a right
you plug into the sink way she will
solve this one
is actually gave you the optimal
capacity reservation
upon the buyer K so you know
that up than the supply is gonna take
this into consideration
okay this is typical of game theory okay
and then they say
what should I set my optimal contract
okay
and we proved that the optimal
contracting is actually for the supplier
to tell the shoes to have to charge the
production cost
okay execution fee so set the execution
fee
exactly you cause to they'll marginal
production cost don't make money
in that shocking price setting problem
making money
by erasing your reservation fee so
that's a yes and that's like a
overview up remiss in a mission show
what we did
so that this point is actually the
equipment point
equally pinpoint say a and that's the
prediction saying I
see in the in the form of care to Nancy
what's the price
the supply spend a Sat for reservation
fee
execution fee and how much the bias
going to reserve in advance
and on the day say what the yeltsin the
I'm
what the buyers gonna do yes they're
going to the same place gonna come here
the spot market price was asking chippy
whichever is lower his gonna do that
okay and yes spot market prices higher
then they're going to i'm exercise the
options
okay and you in fact a they're going to
use all the capacity there have fun
reserved so that's what we did he is to
appear in model
ants but he won a close to actor to do
this proposal to have lead us to
exchange to trade
we need to solve this continues time on
all K
so they'll fall in order for us to
actually to go ahead
and a set up by industry exchange for
capacity options
we need to answer the following
questions: the first question is the
same
like this to appear to pay say what is
the buyers of the muscles in strategy
taking this into consideration what is
the suppliers
of the No okay sat in strategy help
feeding strategy rights and how they
should
how the supply shed bit right you can
you imagine our
nasa electronic bulletin boards see how
should the
supply a bit an equilibrium okay
at what is the price of capacity options
and how does it compare with financial
options
that because I'm New York Stock Exchange
you know we all know that
okay how does a different and now we
also have Chicago more and I
Exchange nyse: so they'll fall how do
come here
so the price of three options versus
the price of financial options night
how do they differ K when do their
homework which
so we need to make a linkage right but
to this intellectual heritage
okay all them how does this to markets
price Cole Mohr right now we have to
price is right
we have the spot market prices keeping
movin K
stochastically but you also have this
contract price rights keeps going
night what's the relationship between
these two right
see so how do that coal so we meeting
answer those questions
and also love all hits from the
operational point in the USA one of the
class and yes
K so what if the spot market prices
really Paula tile all rights okay since
then
so I'm is this capacity options
more valuable say into into your think
that's true and so why would you like to
buy capacity options we options
thank you they are a lot of risks by in
a small market in particular when you
have a huge volatility
okay so yeah that's the intuition we
need to check whether it's true or not
okay the second thing as so I'm
if I sinus I'll be right with you know
if I find this
okay way ahead to okay
is that true value higher to the by on
Oct that is a cut time to deliver
you okay so she misses yet those kinda
come past options
okay so obvious that too you know see
the already here
I signed wheres the supplier and the
more valuable to the bio or not
okay into 18 you may think it is to but
we need to check it out
yes yeah
questions
confidential II gotcha
are using the source who has seen where
you can say a
you that
asset classes where he is an ass are all
sadu
yeah how the by the first question yes
to I assume his story show K
if I cannot sell stuff can I it up can I
stole
you this particular model we don't
assume that I
the think about election a holler of is
our
to a lot to install of saying the
detailer so
there's a this with us West I am nom
I I'll harassment was our ash Paris
photos
does not solve all gained second less
any other questions I'll
yeah oh yeah but you can I
you have to and changing stories as a
special case
parish hall okay though nothing to me I
the yeah
but you know the Nile yeah the justice
and come out there is you know what's
not okay yeah
yeah and you yeah okay so those are the
questions
you know we have to wait on asset is all
we have to do the also
and this is again at Highline I believe
I already went over it
this is just the whole you know look
forward to an Asian in the same thing
like that
collar picture ID I'm gonna skip it
I against the idea is that all option on
castings autumn you just give it to you
so this model is a is a simple one 121
one so I won't hire
of the sad part is that the files that
were on the heater
and the cell thanks to technology she
knows it be made up BS
is not production cost of the online
auction cost
captor case they have passed a okay is
the
Intel splatter K laundry okay and I case
the big one
you know I'm you can't think you know
yeah hola plan to have a capacity
in the short time we cannot change
because once you be in that city
passion and I passed the specs okay all
so those guys that time to maximize
revenues
hey all profit tops the following to
illustrate
I you know that all of our innocent
accident in the years to stabbing
ahead because who have from cruel I he's
also shown the company's time seeing you
you know the year yet but I'll but let's
assume
can you not gonna make money execution p
now they are all those two things
the seller can control one yes the price
of the option
over the time and the second two years
you know how I'm gonna release
okay how many how many capacity wanna
post all the time
okay buyer yes I do today to maximize
my eyes are so over time he's
accumulating is
auctions those on action not the number
membership see already purchased
is after him who saw ships and he has
the rights
to purchasing them but he has not yet
purchased yet
so basically he's lost all anti is
simply purchase their rights
okay holiday to use when he's not going
to stall this membership see nothing in
his home
places all warehouses okay the spot
price
know what I can control walking away
assuming follows a stochastic process
you know but control on the spot market
prices no that's like a global on
me know the market price for memory
chips and yeah I
what we're doing here sweetie we're
trying to extend the already what we did
but to appear to the company's time okay
I'll
we actually have a formulation problem
we cannot get its get better yeah
policy really want to but I love you
you're not close your eyes and let you
know
well we actually you know you have to
follow this continues time
model on the buyer and yet you can solve
it
okay let me tell you what the solution
looks like okay om
yeah te sol so she is up and then
solution
this the virus can buy whatever you
gonna post
yeah capacity nah and
yeah time up at the time of the day you
want to actually use it
is exactly the same decision hats are
typically published
so so you know that's the yeah that's
the solution the satire is gonna take
all this into consideration is that
there are problems that
this problem because I don't want to go
over because show no only give me
like 20 Minister community there's no I
have been a shout
privatize very hard things the whole
world is gonna watch you know where you
live to mathematicians to work on this
problem
yeah that is a very haha we have to
check do is that top mathematicians
you know it's a it's our problem but we
have some ideas a for the special case I
would be we saw it for once there are no
one buyer
okay how away is also assuming that
execution fee
yes you know you're not the end I just
going to say a massive marginal
production cost
okay so the sad I can this offender the
solution approaches that this tender
okay and its what is the
see what is the size of a lot pricing
this is that he be I want to tell you
see that's it has connections into this
happened in the price is tough for me or
not for me or let me explain to you
what's going alright over there
it's the I think three auctions
is that depress between two
call options even know
5 enough financial options see right
here to the first car right there you
may not realize that but for those of
you who study financed
yes actually classical black shorts
Martyn
following or to what's this prop up
opposition says is that
to you cannot plot and the play see the
price a hurry of him he said depressed
up two options is actually lower
it's a low or than this black shows more
time for me
so this is a key insights you know what
we discovered so it's always lower
saying the first time this BS and and
then there's a second time right over
there
Hong and what about what this out I what
I want to do is they want to
prize the auctions
exactly equal to the buyers marginal
value of capacity
and we can prove that very nice things
into the Hall of Fame office pricing
processes actions a super modern girl
but that he is the saddest gonna price
exactly the buyers marginal
look evaluation of capacity that's why
so they're gonna post you know a exactly
that and
the bias gonna take exactly that
so be off tomorrow yeah this why exactly
hard okay
please now we think we get it out but I
don't put it as a
proposition happen and how to contact
yeah to be careful because it is a
videotape
I can do I want to know about the
medicine to work on this on
to the hot think the of the moderator of
Cincinnati we believe
out is what it it's going to be out yeah
is after yeah it's basically is he's
acting maximum race
such that the model number and postal
margin opportunity cost
for the sailor so that's the idea behind
it I'm
so we have to be able to follow lies it
I haven't had time
you know I'll because I was not prepared
to TV's top
put this together you have to have a
cleaning solution right over there
so we actually went to you know we get
the major the major things
min point out okay this is the solution
%uh
to my I'm already question is not what I
am so assuming this process is a
you know Joe major brawny emotion okay
that's standard
okay we plug into a specific process
to say whether we can solve it so you
can see that
I'm say the first one yes the classiest
so what's the relationship between the
price of offices
to versus the spot market price que les
has shown here is
so is the same direction up sorry the
first yeah
sent their actions to if the spot market
price his
higher K they of his contract is also I
about the intuitive
right also if the buyer's willing to pay
more haha I
battling to do it right here the lies
within miss
to pay increases they can also use
grease
know the price of so that's intuitive so
that's no surprise over there
the surprise is the next one next to
and was showing up here yes see the
first one is the volatility
see right here CC as the volatility of
the spot market increases
see the price up the tree of shoes after
decreases
this is very content to you is it
different than people think this is
was in New Year when we price and we
options
the second thing that's also surprising
yes
as the time to deliver in so you know
this is increases
after the price of the real she's also
decreases
okay so this is so what's surprising
conned into tears
again the point we're trying to make a
here you can opt to play
gonna play you can now say it I and i
just i sorry I just learned this
yeah I'm fine as I open the textbook and
I want to set up into the changes
call past is so you know it won't work
say we have to show your
you know for this simple cases you know
the you have all this you know they are
surprises so basically I'm see what I
happened I as we set up a theoretical
framework
you know that's the first step towards
the implementing the hall proposal
okay yeah I'm game asking a question who
want to do it
ace saying a whole Singapore Exchange
actually
at one time declared actually you know
haha
to the homework to have they're gonna do
it again in 2004
but then they know they didn't do it a
night I actually I went to their website
that one checked out
they make correct me if they're watching
a video tape up but I didn't want to I
think that would change jobs
their point of I'm due to other priority
than taiwan a exchange also trying to
seek a
to act to set up exchange okay to again
trade
of his contract for memberships you know
they made this
unity explicit they even put it up you
know annual report on
but they didn't do it but again so
the I don't know the exact reason they
may have have other priorities
but I think we need to solve all this
problems before go ahead
to trade because its different they are
also other forms I one name it
up today and they have business by nato
I okay
yeah I'd be in this country I'm but they
are all
simply borrowing exactly from financial
training
okay you deposit Tao it's a
I'll do my thing call yeah I'll
that the point i'm making here is it out
yes
given all this new things here and we
need to sort out missing the unique PSFK
about tree enough this IRI of shares
people after going to do it okay to me
is not surprising they have a business
phone
fall while but not not anymore okay
so they'll fall but I think Google can
do it
yeah but you have smart people
that the rest I actually already that
talk about but the key point is this is
the first step in we have a theoretical
framework of
we we have missile foundation laid out
on
see a right now I hope he is the one
farm to after going to do it
yes sir could you talk about
generalization
sweet
fire where there's sprained
learned
market
yeah he's already know see I'm
so I know that paper I with a I cannot
halt
I offer published in The Avengers
financial
my we have to solve the case a multiple
Supplier
an amount equal or higher angeline I
want casting call trent
but again but to hear it and %uh for
coming
continues times there are we have a soft
yet so
but fortune here we already saw wall my
guess
what other questions I have is with
respect was
volatility I right constraint more
and I can
I whoever for
the single supplier Empire where
there's no was the inability
sprained but where there will be more
buyers
I'm not sure the that
this is
that seems to have finally and morning
is more fires
spring going well I think you have at
some point out nothing you
thank you question i emphasize again so
all
so what we have here contract markets
yes
a it's a small market get a hot market
is he one day he only
so yes basically is yeah I using Dell
let you know forgive me I to do i do
business in with a small of
subset suppliers this article on Tom
suppliers
okay I'll like say sixty
look at six times okay so yes you know
his college friends
and the stock market is open to the
whole world a small market
you know the right here to Lincoln
control to us
problem that someone other than the same
issue why we have this resolved
again we are not trying to solve Jenna
for him
okay here when trying to solve a
specific problem
for specific industries you think you
are we are interested in
you know Sarah over this okay like an
actual our
like job memberships mean after fits
into well how are trying to fit you know
into the business at
okay I'll yes you can imagine make it
very hard generally bill man but and
it's hard for me to show was my
contribution
way that will happen all the time
mobilized to the artists are
problem
that
yeah
okay
yeah
oh yeah okay thank you to make sure you
take this
yeah from Genentech yeah
okay yeah that yet feel free to go I
should we move to the next hot I love
you take around
area
well with my who