Transcripts For 1TV PODKAST 20240702

Yes, thats one thing, well, you went through it, of course, but here the question is, you see, interest in social networks, if you just analyze it, you are right that people really behave like children, they are aimed at children, that is, this is what we werent there, in what costumes, what positions there there were, anyway, there is a child in each of us, they talk to this child, they tell the story simply in a fascinating way, that is, they speak in simple words, they do not give arguments explaining why, but emotions that arise, yes, that is. How great this is , you know, but to do this, you just need to allow yourself to be a child, that is, you go on air, as you say, well, its kind of not presentable, its somehow boring, she said nonsense, she says, its nonsense, oh well, nonsense, this is an adult assessment, i i agree with you completely, its normal, and you also know, these arent even adults, this is a parent, so demanding, what are you doing, nonsense, you cant do nonsense, go do your homework, go do something useful, that is, watch everything. Social networks are nonsense, yes, its like parents are normal thinks its nonsense, i, as a parent, also think so, but like inside myself, like a child, sometimes i can watch some interesting videos, something entertaining, some interesting filming, some event , yes, just bright, something that attracted me, i can devote time to this, i have a small amount of time that i allocate a week for the fact that i can climb and look through, dont offer to explain, dont offer to work on public, wait, whats wrong with working for the public . Well, accordingly working for the public in this way is, well , theater, it works for the public, moreover, it generally depicts what is written according to the script, as they say, plays, you know, then it turns out that the theater is closed, that is, we refuse theaters, performances, concerts , that is, you just need to feel brighter, yes, that is, you just, if you want to express yourself, then we allow ourselves this, so you forbid yourself, your fear is that you are afraid of seeming frivolous, uhhuh, funny , that is , you, you are a successful woman, you have achieved very a lot, and you have put yourself at a certain peak, when you imagine that you will lead the block, you will behave like a child, you do not agree with this, but here the question is two points or do you allow yourself to be a child, so you can behave like us, completely calmly, relaxed and despite the fact that where we are and how. We behave or you say that social networks are not my thing, just not mine, but i dont go there; theyre young, but this is for those, for the young, for the young, well, we are young then, yes, that is, but here you are, olga, an adult, serious person, you are out there somewhere, this is your right, that is, and accordingly i had such thoughts, i hired, so to speak, a Young Employee to act as the face of the company, but what happened, well, that was all not for real. That is, he just explained, well, heres your terminology, yes, because yes, he behaves like a child, he and he portrayed some kind of attitude towards what the company was doing, but his image did not grow, well, you want, you know, what kind of cognitive dissonance you have, i want it to be like this as effective as these ones who behave like children, but i want to remain serious, and you take the person to whom you say, so i like this. The way they behave, do it this way, but so that it is. Serious, you know, but this is impossible, because either we play by the rules of social networks and do what is beautiful, attractive, interesting, simple, charming, or we do something serious, yes, they watch us, we sell our products , we offer, but still there remains such an effect of such solidity, but the bulk people, the majority of people. That is, they prefer to be children, and even despite the age there, maybe, that is, no matter how many years there are, 80 years old behave like children completely calmly, like a grandmother going out into the yard, approaching to his girlfriends, says girls you see, she doesnt say its great there are old women, she says girls, theres a woman, she says, girls, yes, she behaves like a girl, you understand why we still remain children at heart, heres your child, hes like that hes intimidated, youre so intimidated by him squeezed, your poor happy child, who is afraid to show up, because you must be serious, i always remember the work of astrit lingorn, when it wasnt a cartoon and a small book, such a big phallus, she had carlson there, he was already mocking not only on. Frekken god, but her own sister, and he once wrote her the following phrase on the wall, when he stole the next one from her , in my opinion, pancakes or what i dont remember, donuts, he wrote life is short, and you are not serious enough. This is your slogan you understand, that is, you are trying to be serious, and you allow yourself to be yourself, once you are at work, you are serious, yes, that is, you are there with the lady, and somewhere you can be a child, you understand, here you are you play a lot with your children, yes, well. You allow it, if you play, you allow yourself to be a child, its impossible to play without being a child, youre fooling around, of course, of course, when the audience is small, nothing bothers me at all, that is we dance at discos, and accordingly we splash into the sea, everything else, you can ask the question is, what if one of your potential clients or partners, well, it happened, and saw, saw you dancing, standing on your ears with yours. This is normal, this is an unformatted time, and that is , this is an allowed time, but he would have seen you jumping upside down there, your skirt lifted, laughing, showing your tongue, well, accordingly, this is an unformatted time, but how would he react to this, what do you think , what will he think is a person, well, then they think, because we often order our parties for early clients, well, you tell me, i tell you, this convenient, thats why he. Cool, she can be like that, it turns out shes also like, well , what an interesting woman, you know, but this is not a format, not a format for what, wait, i want to talk about the format, okay, a new one is coming the client, this is the director of a company, say, a concrete plant, and we have to do work for him, but will he communicate with me if i run up to him there in some kind of wrong form, but this is natural, you know, let s say, and there is an audience in which i give lectures, like a lecturer, yes, i behave in a certain way, although i can afford joke, i really love the approach of positive psychotherapy, there are parables, stories, anecdotes, this is kind of the norm, but in order to make it more clear, that is, i use this quite calmly, but if i go to meetings, naturally i behave behaved there accordingly. Share everything that is interesting, that its as if you live it, because you are captivated by it, that which inspires, and then you tell us what you have, what an interesting product, how cool. Use it, apply it there or something with it to do, its so unique, because your team came up with it, your people are there, you sat there with them, racked your brains and figured out how to do it, now we ve come up with something, and its so cool, come and take it from me, because i m the best, because im the best, and i did this and that, i achieved this, look what pavel just said in such a way that i dont know what product were talking about, i already i want to buy this product because it infected me, there is such a concept as social infection, he infected me with his attitude towards this product, and now he didnt explain, and ill note, i spoke like a child, a happy, joyful, contented child, who, but you didnt pretend that you were a teenager, that you were 30 years old, trousers with straps and so on, he remained his age, yes, he remained in his image, but he simply exuded liveliness. And his interest and love for the product, it seems to me that when we talk about these young successful social networks, then maybe we dont recognize the fact that they are somehow beautiful, they are somehow coolly dressed, they have some kind of skillfully choreographed movement or speech, no, in fact, this life comes out of them, interest in what they are talking about, you for sure, im just convinced of this, seeing your. Say, a beautiful woman of mature years, yes, because in your luggage, what is there, why will i believe you, you have experience, i see that you an insightful woman, there is maturity, that is, you inspire confidence in me, but when you tell about reports, ill say, you know what, woman, i respect you, but reports are not in my area of ​​interest, i cant use them in any way, yes, i cant buy your reports. I cant get joy or pleasure or benefit from your reports, tell me about the product, as if i were telling you, okay, but pavel just now told me that on his social networks he deliberately, accordingly, presents himself in such a way as to be interesting to a certain circle of audience, that is, lets say with an aboveaverage status and. Accordingly, its possible that these are there, that is, he is pretending, you think, these are yes, fun things, they may not be appropriate, but that is, you need to look at evaluate and understand accordingly, you can here the question, who are your clients, you know, then there is a question, and your clients are on social networks, if your clients are not on social networks, you do not have goods that are widely consumed, then you are on social networks and. There is no point in wasting time, you know, if your clients are well, ordinary people, this is just one conversation, if your clients, Company Managers this is a different story, why . Because the heads of the company, when they go to the internet, they go on like children, to look through something, look at something, its interesting, everything, you know, that is, you must clearly understand, its like you have this split again, yes , that is, on the one hand you are a parent, on the other hand, you understand, you want to be a child, besides, you yourself noted that you are great at being a child, you can. But you just dont allow yourself, so you are at home there in the family , somewhere in family circle, you behave normally, but when you go out, you come out representative, serious, this is the image that accepts you, this is the only one, this is your right, that is, this is your right, the image with which you worked, created, you created, that is, you can say, no, i refuse this, pavel, that is, you generally question the need, as far as i dont know, to form some kind of image of yourself on social networks, somehow some kind of publicity provide yourself, as well, one of the required arguments, one of mandatory conditions for competition with those who push us and push us, we can really do without it, you see, youre already asking the question like this, and i thought that really, how to sell on social networks, this is not my audience, but when the managers they come home, take off their jacket, perhaps. It will be interesting how the head of another company fries the same pancakes, that is , this is precisely some kind of alternative home image, that outside of work i can be like this, but naturally i didnt want to go to a disco, to you i would like to start a channel like this, but we are talking about sales, i am forced to go in this direction, because your colleagues. You can communicate with managers, which is interesting to managers, that is, here you are talking about the fact that you you want to look like an interesting person, that is, in fact , this is the difference between what i sell and i am an interesting person, it is different, that is, i, for example, also clearly understand that i am a weak salesman, it seems to me, you know, thats what ill try to translate from russian into russian, oh what did pavel persistently try to tell you, probably about the fact that youre attracted to charisma, right . There is strength, there is experience, its true, yes, there are external data, but there is uncertainty about what is it in my big life, which is much more than reports and your bosss door from the reception area, what is it that will happen interesting, curious for those people who are important to you personally, and your company, im sure that this. Is probably more than pancakes, although perhaps these are really some outstanding pancakes, which also you can captivate, charm, and conquer those you and yours need. The whole child in the voices of his parents, who , therefore, besiege him, warn him, so it seems to me that your path and your new success, which, of course, is not hampered by age, your new competitiveness, which is also not about age, is to learn to rebalance yourself a little in favor of the heart in favor of that unconscious , uncontrollable fountain and a little bit reduce. This controlling, smart, an adult, try it, such capital has already been pressed, yes, when age really is expensive, it is expensive, if we speak in the images of pavel, i am now on the threshold of opening my own institute, if in your criteria, that is, i think that everything is ahead for you too, by the way, mind you, we talked today, but now ill teach you how to live, you know, this is my favorite game. Yes, but, you see, yes, but, that is, this resistance, resistance normally turns on when we cannot accept something, we cannot accept, due to some internal beliefs, the restrictions that we set, but the most interesting thing is that if we delve into our past, we will find these restrictions in our childhood, why is this. Working with childhood, it gives the highest effect and effectiveness, here is my practice, in 90 of cases, all the problems of clients in adulthood, they lie in childhood, and there is always some moment that triggers this selfdoubt, doubt, that i should be so serious, yes, that is, these are all from there, when we work, uh, work with a person for some time, more than one or two sessions, more, then the person begins to relate to himself differently, thats the task. Psychologists, if we go into longterm consultations, work for a long time, then help a person be a child, an adult, and much less often be a parent, because our parent sits on the machine, we clearly control, that is, you should be like this, you should , should, should, that is, our little child runs around, does things, but he doesnt remain happy, he doesnt enjoy life, so the rationalizing adult who turns on you, who says no, wait, that is, they are doing great, lets try, this is. A demanding parent who says no, what, you cant behave like they do, then there is says yes, wait, lets try, he says, yes, no, you cant behave like that, well then we wont succeed, says the adult, you say, no, well, anyway, lets come up with something so that i remain serious , but at the same time it was the same as with these girls, who behave this way, i think that our heroine, who came to talk about how to compete with young people, in fact, she is competing with herself, will find the right path and the right one. A strategy to really use age as wealth, and set her child free, then everything will work out for her. Psychic prompt. This is the easy money podcast, me and its host mikhail khanov, today we are dealing with bonds. What they are, how to choose them, how they work, when to buy, when sell, and most importantly, what kind of profitability can be obtained using this financial instrument, and today our guest is an investor, asset manager with more than twenty years of experience, academic director of the professional retraining program in stock and Financial Markets at the Higher School of economics, alexey bacherov, hello alexey , hello mikhail, what are bonds and why do all those who. Have been working in the stock markets for several days call it smart money, that is , investing in bonds, as opposed to deposits and moreover, buying or selling shares has always been called smart or hard money. We have mikhail, a difficult task today. Lets start with what a bond is. Bonds are securities, correctly speaking in the necessary terms, yes, they are issuegrade securities, but to put it simply, they are a promissory note, well, to put it simply, yes. If it completely forgives, its really a promissory note that the issuer, and of this receipt issues, the word issuer is the one who issues, and once again im here for our i will tell the audience that, in principle, this is when you borrow. Your neighbor has money and you write a receipt, this is also a bond, and the issuer, that is , the issuer of this receipt, is you yourself, and accordingly, all the risks for the fact that you fulfill or fail to fulfill the obligations under this receipt are borne by you, respectively, the issuers or who can issue bonds, maybe the state, maybe companies, well, yes, private or also stateowned, what is a bank . Actually the question is, well, its just english literature, in in english, the word bond is used specifically as a bond, its not just that its not a companys bonds, that is , government bonds can also be called gangs, thats absolutely right, great, what is the abbreviation ofz, which often sounds like that, and the abbreviation ofz is bonds federal loan, these bonds are issued by the state, in our case it is the ministry of finance; such bonds exist in any country. Here we have federal loan bonds in the united states, these are treasuries, but these are the most reliable securities within any country, the main thing is that they are imitated in the currency in which they are imitated, issued, issued, absolutely true, that is , in fact, we are lending to the state, absolutely true, if we say, what are the terms, how much can you lend to the state, oh, the state likes to borrow in different ways, the terms are really very long, it starts from a year, by the way, only recently, but ours generally has two to three months. Yes, recently such bonds began to appear for up to a year, yes, but in principle, bonds can be for 10 to 20 to 30 years; no one except the state usually borrows for such periods. Lets get straight to the point, what is the current yield on thirtyyear bonds, lets say we lent the state for 30 years, what does the technical stuff look like, lets look at it step by step, we have documented that we have figured it out, that bonds. Are a promissory note, in this case this term applies either to the state or to companies, we said, that all responsibility for these debt obligations is borne by either the company or the state, in the case of the second, it is even more reliable, well, in my opinion, it is even more reliable than a bank deposit, because in principle the state is responsible only for 400 million in a bank deposit, but here the government is fully responsible for its borrowing, so how does it work . How can i buy bonds . Bonds can be easily bought on the stock exchange, there are no problems here, just open a brokerage account in any company you like and submit an application through a broker to purchase these securities, this is not required, just like any others for this, if we are talking about federal loan bonds, no qualifications are required, qualifications are certain requirements for the investor, but what he can buy or not, thats the most even an ordinary person, or anyone, can easily open an account to buy bonds without just going through a broker, like everyone else. According to the law, any transactions on the stock markets go through a broker, yes, if we are not talking about there was such a story about peoples bonds, these are the bonds were distributed not through brokers, but through banks, but that was a separate story, i think that the state did this in order to introduce people more, to popularize this thing, so they could be bought in banks, well, more such experiments, more so far didnt do it, and why, by the way, is it difficult to choose partner banks or what, i think theres. Bond trading is underway, i think that many of our listeners and viewers , well, the goal worked for them that, yeah, that is, they can still be traded , but now we are separately on this topic lets talk. So, through a broker, i choose for myself what is acceptable, what is the profitability, reliability, because in any case, this is the state, the question is how long do i trust it, yes or how . This is such a very difficult question, that is, indeed, if we are just talking about purely federal loan bonds, then from the point of view of reliability they are all the same. That they will be short, that they will be long and so on, but in this case a persons choice really lies in two planes, that is, firstly, for how long im ready to place my funds, maybe i have some kind of goal and i want to save money for this time, or this is an opportunity to earn extra money if you know when to buy long bonds, because usually long bonds can change quite a lot in price , and professional Market Participants can make money on price changes, that is, not just lets get confused now, lets do it anyway. We are together now, alexey, we will try to explain to our audience how all this happens, which means that now we have, lets fix what the yield on , say, tenyear bonds is, that is, once a year. And the state pays me how much 13 per annum now long bonds give a longterm yield of 13 well 13 there well 13 13 14 and usually this is even done not once a year, but twice a year, bonds are paid in the form of interest, interest is called coupons, well, in half, well, ill explain for our audience where it came from, that is, in the nineties, when these were securities or vouchers, then there really was such heres a coupon, you know, like heres a ticket to the cinema. With sometimes even a perforated edge, which came off and meant that the coupon had been redeemed, since then this annual or semiannual payment has been called a coupon, naturally, what alexey said, when the payment is made twice, this does not mean that you get 13 are paid twice a year, you are simply paid half of this amount, that is , respectively, 6. 5 in the first half of the year and 6. 5 in the second half of the year, now we have found out with the rate, by the way, we will fix the coupon rate with the yield that when the deadline comes when the borrowing ends, then you get your full amount back, i understand correctly, that is, lets say, we bought a threeyear bond from us today, now well figure out what we bought, and once, lets say, for simplicity, lets say once a year, once a year we receive 13 after the first year, 13 after the second year, in the third year we receive, and 13 of the entire amount that we invested in this paper, lets say we bought it for a million, that is, we lent the state a million for 3 years, it paid us 130,000 each, two, three times and at the end of the third year i returned a million. Now we move on to a very interesting part, as i say, of the marlison ballet, called bond trading, here i will make such a small explanation, or you will do about liquidity. Why is all this done, why are bonds not just here i bought it, yes, as you said, they are still traded, please explain what bonds are traded, why it was done and how to work with it, like any security, it is often addresses to secondary market, the secondary market allows investors to enter investments and exit them, well, for various reasons, for which we cant even discuss much now, why there is, well , first of all, alexey, because of liquidity, because anything can happen, here i am lets say im investing, a private investor there. 13 implied that we bought bonds at the placement stage, just when trading is going on, the price of bonds can change, and it can change either up or down, this is primarily depends from the Monetary Policy pursued by the central bank, well, that is , in a different way, we all focus on the key rate, the key rate greatly affects , first of all, shortterm bonds, which are from one to three years, and longer bonds, yes they depend on the expectations of Market Participants. In terms of longterm inflation, most Market Participants look at what inflation will be, calculate it in different ways, model it, and this will determine how much and what kind of yield these bonds can give, well, i dont physically buy or physically or there are some instruments like futures, how does it work, no, why do you physically buy and buy from me on my balance sheet, here comes a bond, and if i want to short some bonds, the same thing and for this we have there is, firstly, there is a futures on the rgbi index, there is such an index of government bonds, but it can be used for. And you, you again, dont say anything, just look, three chords, new season on sunday on the first, at the age of 19 i was left alone, why are you here, he and his father are on ship . Oh, yes, theatre, the reds will come, art will be banned, but this is a pity, tell me, you are ranevskaya, yes, i am ranevskaya, nothing, yes, of my own skin. Didnt experience it, the war passed her by, look at this face, exceptional, there are many great directors, but there can only be one great meeting, ill make a call if you come to me, they love you, a serious, smart man, and youre making faces, marital status , what do you say, i have a husband, no, im a young lady, no family, no children, but. Then we can expect the bonds to fall by 2 , why . There is such a concept, very similar, not everyone understands, it is called duration in bonds, a special concept, with the help of this indicator you can estimate how much the price of a bond will change if Interest Rates on the market change . Well, by the time of repayment, i correctly understand that, in principle, if you close your eyes, squeeze, i dont know , all the parts of the body and just sit out until the end of the term, as long as i have been released. This bond, then all these fluctuations dont bother me much in the market, in any case the state will pay me back the nominal value that is written in the bonds, this is my plus interest coupon income, that is, everything that we are talking about, it is applicable for those for whom liquidity is really important, who at any time wants and can be sure that he can sell it or realize it and get money, then really this instrument, but still there are fluctuations such that lets say i. I urgently need money, but something happened, and how much is the minimum there about how much for 900. 00 i can sell it, that is, having lost 10 , for example , of course, well, here are the minimum drops, what were in the near future, in recent history, i m not taking now in recent history, of course, this is 2022, when government bonds sank quite strongly and the fall was about 20 , that is, nominal debt obligations worth a million cost 8,000, right . Whoever took the risk bought them, they earned money, well , naturally, they are due for repayment, because the state is fully paying off, there was no such thing, there was no default, yes, the state is fully paying off its obligations, that is, they received a coupon income, this risk premium is 20 . Moreover, mikhail, we started the conversation with the fact that this is smart money, yes, when there are such falls in the market as in 2022, 2014, this is precisely the case when large players begin to actively buy such securities. In order to get not only a coupon, including getting the delta between the Purchase Price and the par value, why not in stocks, because stocks are also falling at this moment, why bonds are called the foundation of the market and smart money, because the debt market is not to a small extent predetermines the cost, including the market capital, the debt market this is the market for gang bonds, as we say, everything in the world of investment is interconnected by Interest Rates. The cost of Share Capital also depends on these same parameters, what is most interesting is that Little People understand this, but this is true, and knowing what the yield of government bonds is, knowing what risks you bear in shares, you can calculate what the profitability should be in shares, and precisely because of this, shares are more volatile, that is, they fluctuate more. Much stronger than a bond, that is, you can earn more on stocks, but you can lose, but here its probably appropriate to say that the socalled fixed income, or fixed income in english, is applicable specifically to. But if you dont speculate on them, that is if you dont play games, buy cheaper, sell more expensive, if you really bought them, they are in your briefcase, then this is the same fixed income, because you receive an acoupon, and the state is responsible to you for pay in full the par value of that debt security at the end of its term. Because in shares no one bears such responsibility to you, and shares are not debts, after all, we started with the fact that a bond is a debt, and any debt is returned, and in the nominal value in which it should be returned, yes, well, with those with the level of risk that you are ready to determine for this issuer, but in principle , you and i know that Government Debts are that same basic level, yes, well , its clear, as i say, for 100 percent return only to him, yes up there, but in principle, you always need to define some kind of fixation. Yes, and then, here it must be said that people often get confused, if we remember the year ninetyeight, we need to very clearly separate the Monetary Policy that the central bank pursued before the crisis of ninety eight, after the crisis of ninety eight and since 2014 when they were accepted. Literature articles about the crisis of 98 and the default of 98, if anyone remembers, then the dollar cost 6 rubles, and yes, and this was very much targeted by the central bank, was targeted, that is, the rate was actually set, set, and there are various calculations, after the default the dollar immediately flew by 20 and a kopeck, then grew to thirty, in the end, but it was shown that if these events had not happened, that is there was no targeting of the ruble exchange rate, then at 17 rubles per dollar there was no such thing. There is no problem with repaying the public debt, we are talking about the fact that the foundation of the stock market is still the debt market and the bond market, in terms of volume, as far as it is commensurate, it is not commensurate with the stock market, it is that one to one, one to two, two to one, these are some estimates, yes, this is actually the debt market significantly leading the capital market, and in any country, in russia, in the united states, and so on, now im afraid to say for sure, but its at least one in five, or maybe one in ten, well, five in one. Money in shares in any other instruments, it turns out that if we have explained in sufficient detail what depends on the price, it turns out that this is really the most interesting time for purchases are when bonds sank in price, that is, when someone is afraid of something, yes , like, well, for example, i always have before my eyes in the tenth years. There was a potential looming default of greece, i will explain for our the audience, accordingly, naturally, were Debt Securities issued under the guarantee of this country, then greece went to the European Union to pay money, then it was in question whether they would give them money, but not, and you probably also remember that the cost of bonds, that is, the cost Government Debt greek bonds offered up to 20 of the par value, that is, paper worth a Million Dollars could be bought. In those who are in the cache now . Of course, yes, in those who are in the cache, yes, and not necessarily, by the way, in the cache, yes, perhaps its worth looking, if you have positions in shares, even subsell, reduce this position, buy bonds, because to fix the profitability in 13 per annum for the long term is a very good result, but if we talk about my personal assessments, i believe that longterm inflation in russia will be approximately 89 . And today the state essentially allows us to earn 4 of real profit, that is , profit minus inflation. This is not a very common story when we can get Something Like this from the state, so i think its very interesting to buy bonds now and im also thinking about reducing these positions in my portfolios. A bond is not a stock market, it doesnt change very quickly, you can start buying now and even if the price drops a little more, continue them, yes, that is, the standard principle, you dont need to all the money at once, but gradually gain, yes, gradually increase the portfolio, and bonds do not react very quickly, but to such changes, yes, of course, events ala 22 2014 are a quick reaction, yes, but precisely for. For such quick reactions begin a good moment for purchases, all professional investors actively use this, now is a very good time to start buying bonds for your investment portfolio, that is, the Government Debt of the russian federation, you can do it slowly, its not like that everything is lost there and at lunchtime they will stop selling, but lets say you decide to buy bonds for 500,000, lets say, yes, that is, you will do it in. And ill note that now our Central Bank Rate is 16 , please note, our dear viewers and listeners, that its not the banks, when they give you 16 , they dont give you for 5 years, for 10 or even for a year, because everyone is waiting for the Central Banks to lower the rate in september, as you said, well, in the second half of the year and said that we should expect reductions not earlier than autumn, accordingly banks understand. Then the rate will fall, deposits give you 16 only for six months, then Interest Rates are lower, and you can buy bonds now, not only are they cheaper than face value, that is , how much is now acceptable from 100 , how much now we are talking about, when at the bottom, how much is 95, from 80 to 95 depending on how, that is, in fact, there is already almost 1015 you can earn only on the fact that if you buy a bond and are not going to speculate on it, you just bought it and alexey put it in. Put everything in your portfolio, that is, the state owes you, it will pay, well, if what will not happen, yes, we accept this zero risk, that nothing will happen to our state, it will pay off its obligations, plus it will also pay you a coupon annually, you can find all episodes of the easy money podcast on the website of the First Channel 1tv. Ru, what about corporate debts, corporate debts are an interesting thing, but still it seems less useful to me. For private investors, on the one hand, corporate debts provide greater returns, if on a credit basis, well, it depends on the credit quality of it yes, the issuer, or in other words , the issuers ability to return the money, if we say that about ofz, the state can theoretically always print money and pay off its bonds, then of course no corporation can do this, now what are the rates for, well lets say, as they say there, for our viewers ill explain the first echelon, yes, you are the best, the best chips, yes. Which we see in government bonds, well, that is, if it is government, but we are talking, mikhail, about long bonds, but a little short ones they have a different profitability, a little higher now, by the way, this is such an interesting case at the moment, this is me, im also specially preparing for our program, in principle, i looked, its quite possible. Put together a portfolio of 15 dash 17 , well, its not the top, there are not blue chips there, but theres quite a decent second tier there, there are the largest banks and corporations, sometimes even state corporations, 1517 per annum, yes, there is a risk that in in some, i dont know, in some Unfavorable Development of events the corporation will announce, maybe a partial default or a technical default, yes thats what it is, by the way, thats when we come across terms like, what is a technical default . Technical default is a procedure, in essence, when a company has not paid the due coupon on time, a technical default begins, that is , 30 days are given for the company to fulfill its obligation under this coupon, if it does not fulfill this obligation within 30 days, then this real default, why . Because bondholders can present these bonds for redemption, well , in this case the whole procedure comes into play, it is impossible just to say, he forgives everyone to whom he owes money, yes, that is, in this case they attack. The relevant procedures, i explain to our investors in corporate debt, the relevant procedures by which the companys property is assessed, it is sold, god forbid, and moreover, in fact. No one goes into default right away either, because usually companies try to restructure, but when we hear that investors have agreed on restructuring, that is, the company usually gathers the largest investors, bondholders of this company, and offers some options, for example, to replace these bonds with new ones in such conditions, explaining why this happened, investors often agree, well , simply because it is better to have a blue in the hand than a pie in the sky, but those did not come true obligations that were, had to be fulfilled, but still receive. Everyone wants money, agrees to the terms of the restructuring , as the great wise russian and russian people say, with a black sheep, even the wool is absolutely certain, because if the bankruptcy procedure will begin, and then a lot of subtle nuances begin there, in which order the money will be first there, well , there is a order of payments for bankruptcy, but lets not dig deep, but the point is that bonds are not the first priority, and it is still unknown how much will be left after all these queues payments for. That is, for those who are going, well, well, ill say it, to chase these additional 2 per annum, they wont buy Government Debt at 13. 5, but buy corporate papers there with a yield of 1516 , they they have to figure out what queue they stand in as investors if something suddenly happens, but in principle, alexey, i understand correctly that it makes sense for small investors, private ones, to trust this very pool of large investors who. In in any case, while fighting for their own rights, they are actually fighting for the rights of everyone, including minority shareholders, that is, for everyone who owns this class of bonds. And there were examples in recent history, in the 2000s and 1900s, of such defaults, and not technical ones, when there was delay in coupon payment, i dont know, for a month or even six months, god bless him, this is precisely the refusal of large corporations to fulfill their obligations, i even took part in this myself when i bought bonds of an energy company. Thats when i was asked to replace the bonds that had gone into default with other bonds, but another interesting thing is that if we have already touched on the topic of corporate debts, i would say there is another important aspect that an investor should take into account, this is liquidity, the liquidity of the corporate the same liquidity if you suddenly, if you are not going to hold it until maturity, but because the securities come in both ten and twenty years, about 5 years, but if you need the money in a year. You must understand that, as stockbrokers say, the glass may be empty, yes, that is, there are no people willing to buy this debt from you, everyone is holding it all the way, yes, this is the main problem, because even the largest borrowers have reliable borrowers from the top 10 russian companies, there is a problem with liquidity, lets sum up our program in a practical sense lets talk about how to start from what, that s great, did you listen to us . Yes, they said, listen, its a great topic in general, yes, why am i suffering here with these shares, im worried, yes, i wont even be there, lets hope that nothing happens, ill buy there, okay, not tenyear, threeyear papers, here is the profitability, these are 15 , here they are for me or 14, they suit me, i wont be there, so to speak, what to do, heres what needs to be done physically, well, first of all, we must open a brokerage account on the stock exchange, its fixed, we open a brokerage account check, lock it, yes, put the money there, go to the terminal. Although now terminals are no longer needed, i understand correctly that now this is a seamless socalled story, that if you have a bank account, then you can almost remotely open an account with a broker, and you are verified through government services, yes, if you have a confirmed photo record, now it works, i can open a brokerage account without my personal presence, and there are a lot of offers if i have a bank account and i am already verified there as a citizen the user is a taxpayer, the most important thing is the record. Confirmed by government services, then i just do it online with leading brokers, they definitely sorted out the banks, even the banks, even yes , yes, so they opened a brokerage account and put it there