Channel Title: Olivier Bossard on Finance Channel Description: Olivier Bossard is Professor of Finance at the MSc Finance of HEC Paris Business School. This program has been ranked #1 worldwide in the QS Global Ranking 2023 of Masters in Finance. In June 2019, he receives the Best Professor Award at HEC Paris. He also teaches Finance at Tsinghua University (Beijing) and Hitotsubashi University (Tokyo). Olivier graduated as an Engineer from Ecole Centrale Paris (Diplôme d’ingénieur de l’ECP / MSc in Applied Mathematics, 1991). He subsequently spent 3 years in Japan at Yokohama National University, where he specialized in Cryptography, Deep Learning Neural Networks and Artificial Intelligence. His current study fields include: Finance 2.0, FinTech, Cryptography and Blockchain technology, as well as Big Data and Artificial Intelligence applications in Finance. <video> [BLOCKCHAIN EXPLAINED] #57 - What is Delegated Proof of Stake? [in French, with subs in Eng, Chi] Description: 𝐓𝐇𝐄 𝐀𝐌𝐀𝐙𝐈𝐍𝐆 𝐇𝐈𝐒𝐓𝐎𝐑𝐘 𝐎𝐅 𝐁𝐋𝐎𝐂𝐊𝐂𝐇𝐀𝐈𝐍 𝐀𝐍𝐃 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐄𝐗𝐏𝐋𝐀𝐈𝐍𝐄𝐃 𝐈𝐍 𝟗𝟎 𝐒𝐇𝐎𝐑𝐓 𝐄𝐏𝐈𝐒𝐎𝐃𝐄𝐒 𝐎𝐅 𝐋𝐄𝐒𝐒 𝐓𝐇𝐀𝐍 𝟐 𝐌𝐈𝐍𝐔𝐓𝐄𝐒 𝐄𝐀𝐂𝐇! Non-commercial educational video - cartoons copyright: Huobi -------------------------------------------- [𝐒𝐂𝐑𝐎𝐋𝐋 𝐃𝐎𝐖𝐍 𝐅𝐎𝐑 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 𝐀𝐍𝐃 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇] -------------------------------------------- En collaboration avec Ledger: https://www.youtube.com/channel/UCSrfbzqF29CD4rQjJl_ixnw Vous souhaitez investir de manière sécurisée ou en apprendre davantage sur l'univers de la crypto monnaie? Rendez-vous sur https://www.ledger.com/ , la première entreprise française proposant des produits et solutions crypto entièrement sécurisés. School of Block Episode 0: Introducing School of Block https://www.youtube.com/watch?v=EsxUw72auZc School of Block Episode 1: What is Money? https://www.youtube.com/watch?v=wYB0FncHZ_M -------------------------------------------- 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 (𝐅𝐫𝐞𝐧𝐜𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐝𝐨𝐰𝐧): Delegated Proof of Stake, Known as (DPOS), is similar to voting for board of directors. Token holders vote for a fixed number of nodes which represent them in verifying and updating the ledger. To encourage greater participation in these elections, the network generates a small amount of tokens as rewards. Bitshares, PPCoin and other cryptocurrencies utilize this consensus model. DPOS is rather similar to a parliament system If delegates fail to carry out the responsibilities given to them, such as, failing to update the ledger during their turn, they could be removed and the network would elect new delegates as replacement. In DPOS, every single client can decide which node to trust. Compared to POW, DPoS has greatly increased Blockchain’s data processing capability, allowing transactions to be completed within seconds and minimizing the cost of network security maintenance, allowing cryptocurrency transaction speeds to be similar to centralized settlement systems such as Visa. 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇 (𝐄𝐧𝐠𝐥𝐢𝐬𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐚𝐛𝐨𝐯𝐞): La preuve d'enjeu déléguée (ou DPoS, pour "Delegated Proof of Stake" en anglais) est similaire au vote par un conseil d'administration. Les détenteurs de jetons votent pour un nombre fixe de nœuds qui les représentent lors de la vérification et de la mise à jour du registre. Pour encourager une plus grande participation à ces élections, le réseau génère une petite quantité de jetons en récompense. Bitshares, PPCoin, et quelques autres crypto-monnaies utilisent ce modèle de consensus. Le DPoS est assez similaire à un système parlementaire. Si les délégués ne s'acquittent pas des responsabilités qui leur sont confiées, telles que le fait de ne pas mettre à jour le registre lorsque c'est leur tour, ils pourraient être supprimés et le réseau élirait de nouveaux délégués en remplacement. Dans un système DPoS, chaque client peut décider du nœud auquel il souhaite faire confiance. Par rapport à la Preuve de Travail, le DPoS a considérablement augmenté la capacité de traitement des données de Blockchain, en permettant aux transactions d'être effectuées en quelques secondes et en minimisant le coût de la maintenance de la sécurité du réseau, permettant ainsi aux vitesses de transaction de crypto-monnaie d'être similaires à celles des réseaux de règlement centralisés tels que Visa. C'est tout pour aujourd'hui. Alors, abonnez-vous vite pour découvrir la suite de l'aventure de la Blockchain ! A bientôt ! This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [Fin/Eco Education] Vintage Cartoon - Elmer Fudd on Business and Investment Description: Elmer Fudd teaches Sylvester and a local entrepreneur the importance of investment, profit and growth. This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> HEC Paris MSc Finance - Program Hack with Executive Director Olivier Bossard Description: What is the Master in International Finance all about? What values do the academic team hold near? What is unique about the approach and learning style? Decode the program with the help of Olivier Bossard, Executive Director and Professor of Finance at HEC Paris. Read more about the program here: https://www.hec.edu/en/masters-programs/msc-international-finance/course-content __ We are a generalized Master's program, offering a wide range of courses covering the full spectrum of fields in Finance, both Corporate Finance and Capital Markets, also encompassing new frontiers such as Blockchain technology and data science. Our class profile is truly international, with 83% of our students being non-French, and coming from over 30 different nationalities. We take candidates from the best business schools in the world, as well as more analytical profiles from engineering schools. Our academic requirements are high, with an average GMAT above 710, and we also value students who have demonstrated a keen interest in Finance, through internships for example. Our program is entirely taught in English, and articulated across 4 pillars. A first semester, with core courses taught by top international academics, a second semester, where you can specialize with over 40 different elective courses ranging from Private Equity, LBOs Structuring and Startup Financing, to Exotics Trading, blockchain or data science in finance. Most of these electives are taught by world class practitioners including hedge fund CEOs and Managing Directors at global investment banks. In parallel, you will write your Master's thesis, and eventually you will be immersed in a six-week Certificate program, that will give you a deeper insight into a specific professional field. We offer a full range of career services, including a study trip to London, CV reviews, mock interviews, one-on-one coaching sessions and buddy mentorship. 99% of our students obtain job offers before graduation, in top investment banks such as Goldman Sachs (19 students last year), JP Morgan and Morgan Stanley (12 and 11 students respectively), but also asset managers such as BlackRock or Fidelity, or private equity firms such as KKR or Blackstone. Our program is highly demanding, our selection process is highly selective, but for a good reason: we want to offer you the very best, because you deserve it! This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [BLOCKCHAIN EXPLAINED] #58 - What is Zero knowledge Proof? [in French, with subs in Eng, Chi] Description: 𝐓𝐇𝐄 𝐀𝐌𝐀𝐙𝐈𝐍𝐆 𝐇𝐈𝐒𝐓𝐎𝐑𝐘 𝐎𝐅 𝐁𝐋𝐎𝐂𝐊𝐂𝐇𝐀𝐈𝐍 𝐀𝐍𝐃 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐄𝐗𝐏𝐋𝐀𝐈𝐍𝐄𝐃 𝐈𝐍 𝟗𝟎 𝐒𝐇𝐎𝐑𝐓 𝐄𝐏𝐈𝐒𝐎𝐃𝐄𝐒 𝐎𝐅 𝐋𝐄𝐒𝐒 𝐓𝐇𝐀𝐍 𝟐 𝐌𝐈𝐍𝐔𝐓𝐄𝐒 𝐄𝐀𝐂𝐇! Non-commercial educational video - cartoons copyright: Huobi -------------------------------------------- [𝐒𝐂𝐑𝐎𝐋𝐋 𝐃𝐎𝐖𝐍 𝐅𝐎𝐑 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 𝐀𝐍𝐃 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇] -------------------------------------------- En collaboration avec Ledger: https://www.youtube.com/channel/UCSrfbzqF29CD4rQjJl_ixnw Vous souhaitez investir de manière sécurisée ou en apprendre davantage sur l'univers de la crypto monnaie? Rendez-vous sur https://www.ledger.com/ , la première entreprise française proposant des produits et solutions crypto entièrement sécurisés. School of Block Episode 0: Introducing School of Block https://www.youtube.com/watch?v=EsxUw72auZc School of Block Episode 1: What is Money? https://www.youtube.com/watch?v=wYB0FncHZ_M -------------------------------------------- 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 (𝐅𝐫𝐞𝐧𝐜𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐝𝐨𝐰𝐧): Zero-knowledge Proof refers to the system which one can prove to the verifier a given statement is true without revealing additional information. At present, the highly anonymous cryptocurrency Zcash ensures anonymous transactions with “Zero-knowledge Proof”. For example, A wants to prove to B that he possesses the key to a certain room, and that the room can only be unlocked with the key Now, A can choose to hand the keys over to B and B uses the key to unlock the room, proving that A holds the correct key. Alternatively, A himself can unlock the room using the key and showing an item to B, who knows that it is only available in that room. The principle behind the latter method is Zero-knowledge Proof. Zero-knowledge Proof is proving that one knows the password without conveying any other information. This effectively solves many verification related problems. 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇 (𝐄𝐧𝐠𝐥𝐢𝐬𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐚𝐛𝐨𝐯𝐞): La "preuve à divulgation nulle de connaissance" (ou "Zero Knowledge Proof", en anglais) fait référence à un système où un "prouveur" peut prouver à un "vérificateur" qu'une transaction donnée est vraie, sans pour autant avoir à lui révéler l'information elle-même. À l'heure actuelle, la crypto-monnaie hautement anonyme Zcash assure des transactions anonymes avec ce système de ZKP, ou "preuve à divulgation nulle de connaissance". Par exemple, prenons la situation où A veut prouver à B qu'il possède la clé permettant d'ouvrir une pièce, alors que cette pièce ne peut être déverrouillée qu'avec la clé en question. La méthode traditionnelle consisterait simplement pour A à remettre sa clé à B, et que B utilise cette clé pour déverrouiller lui-même la pièce, vérifiant ainsi que A détient la bonne clé. Mais cette méthode est évidemment risquée pour A. Alternativement, A peut lui-même déverrouiller la pièce en utilisant sa clé, puis montrer à B juste un simple objet, mais dont B sait pertinemment que la provenance ne peut être que la pièce en question. Cette dernière méthode illustre justement la "preuve à divulgation nulle de connaissance", ou Zero Knowledge Proof. Cette "preuve à divulgation nulle de connaissance" permet ainsi de prouver que l'on connaît le mot de passe d'un compte, sans pour autant avoir à en transmettre aucune autre information. Cette méthode résout efficacement de nombreux problèmes liés à la vérification et à la confidentialité. C'est tout pour aujourd'hui. Alors, abonnez-vous vite pour découvrir la suite de l'aventure de la Blockchain ! A bientôt ! This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [Fin/Eco Education] Vintage Cartoon 1953 - What Makes Us Tick Description: Vintage Educational Film Cartoon promoting the stock market as the engine of America’s prosperity. How to form a corporation at 2:05 Stock for sale at 4:00 This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [BLOCKCHAIN EXPLAINED] #53 - Feature of blockchain - Non-replicable [in French, subs in Eng, Chi] Description: 𝐓𝐇𝐄 𝐀𝐌𝐀𝐙𝐈𝐍𝐆 𝐇𝐈𝐒𝐓𝐎𝐑𝐘 𝐎𝐅 𝐁𝐋𝐎𝐂𝐊𝐂𝐇𝐀𝐈𝐍 𝐀𝐍𝐃 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐄𝐗𝐏𝐋𝐀𝐈𝐍𝐄𝐃 𝐈𝐍 𝟗𝟎 𝐒𝐇𝐎𝐑𝐓 𝐄𝐏𝐈𝐒𝐎𝐃𝐄𝐒 𝐎𝐅 𝐋𝐄𝐒𝐒 𝐓𝐇𝐀𝐍 𝟐 𝐌𝐈𝐍𝐔𝐓𝐄𝐒 𝐄𝐀𝐂𝐇! Non-commercial educational video - cartoons copyright: Huobi -------------------------------------------- [𝐒𝐂𝐑𝐎𝐋𝐋 𝐃𝐎𝐖𝐍 𝐅𝐎𝐑 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 𝐀𝐍𝐃 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇] -------------------------------------------- En collaboration avec Ledger: https://www.youtube.com/channel/UCSrfbzqF29CD4rQjJl_ixnw Vous souhaitez investir de manière sécurisée ou en apprendre davantage sur l'univers de la crypto monnaie? Rendez-vous sur https://www.ledger.com/ , la première entreprise française proposant des produits et solutions crypto entièrement sécurisés. School of Block Episode 0: Introducing School of Block https://www.youtube.com/watch?v=EsxUw72auZc School of Block Episode 1: What is Money? https://www.youtube.com/watch?v=wYB0FncHZ_M -------------------------------------------- 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 (𝐅𝐫𝐞𝐧𝐜𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐝𝐨𝐰𝐧): The fourth feature of cryptocurrency is that it is non-replicable. Disseminating information online is through replication. When I send a funny picture to Mr Bull, the internet copies my picture and sends the copied version to him instead of taking away the picture I have. My picture is still in my smartphone. Hence, copyright infringement has always been a major problem. Texts, images and videos are easy to duplicate, Creating problems for their publishers. A major reason why cryptocurrencies can function as assets is because they can’t be duplicated. Transactions are done through cryptography instead of replication. When $1000 worth of cryptocurrencies is sent to Mr Bull, it’s debited from my account and credited into Mr Bull’s account. I will no longer own these cryptocurrencies. Being non-replicable is a key feature that makes cryptocurrencies tradable. 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇 (𝐄𝐧𝐠𝐥𝐢𝐬𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐚𝐛𝐨𝐯𝐞): Une quatrième caractéristique des crypto-monnaies est leur attribut de non-réplicabilité. La diffusion d'informations en ligne se fait traditionnellement par réplication. Lorsque j'envoie une photo à M. Bull, Internet copie ma photo et lui envoie une version copiée sans évidemment m'enlever ma photo initiale. Ma photo est toujours dans mon smartphone. Par conséquent, la violation du droit d'auteur a toujours été un problème majeur. Les textes, images et vidéos sont faciles à dupliquer numériquement, ce qui crée des problèmes pour leurs éditeurs. L'une des principales raisons pour lesquelles les crypto-monnaies peuvent être considérées comme de véritables actifs vient du fait qu'elles ne peuvent pas être répliquées. Les transactions sont effectuées au travers d'un processus cryptographique, et non par simple réplication. Lorsque l'équivalent de 1000 dollars en crypto-monnaie sont envoyés à M. Bull, ils sont débités de mon compte, et crédités sur le compte de M. Bull. Dès cet instant, je ne suis plus propriétaire de ces crypto-monnaies. Cette propriété fondamentale de non-réplicabilité est la caractéristique clé qui permet justement aux crypto-monnaies d'être l'objet de transactions. C'est tout pour aujourd'hui. Alors, abonnez-vous vite pour découvrir la suite de l'aventure de la Blockchain ! A bientôt ! This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [Fin/Eco Education] Vintage Cartoon 1963 - Soviet Propaganda The Millionaire Description: From the 1920s to the 1930s, the Soviet regime ordered the production of dozens of animated propaganda films. Their target audience was the Soviet Union itself, and their goal was to win over the hearts and minds of the Soviet people. While many of these films are sharply anti-American, anti-Capitalist, and anti-Fascist, they combine with their harsh political themes a striking originality and beauty in graphic design that is reminiscent of famous Russian poster art from the 1920s. A unique series, with a leading perspective. This cartoon was made in 1963. The Millionaire, 1963, V. Bordzilovsky and Y. Prytkov, Soyuzmultfilm. Also based on a poem for children by Sergei Mihalkov. A rich American woman leaves a million dollars to her beloved bulldog. The theme is that in America, money can buy anything; the bulldog becomes rich and powerful and eventually a member of the U.S. Congress. This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> HEC MSc Finance London Study Trip 2022 Description: 🇬🇧 LONDON STUDY TRIP #1 🇬🇧 After two years of Covid, we are back to London for our iconic finance study trip. The new promotion of HEC Major Finance and Master in Finance has arrived on campus last week, with 193 students coming from the best business schools and engineering schools across the world. We broke our record number of nationalities this year with 43 different countries represented in our Master in Finance program. After the kick-off sessions last week, we all just arrived in London today for five amazing days in the heart of the City. 🇬🇧 LONDON STUDY TRIP #2 🇬🇧 So, we are in London for five days in total. As we kick-off this journey, I'd like to start by addressing a big thank you to our HEC UK Office, and its Director Delphine Mourot. We've got four full time employees here in London: Lauren, Laura, Sophie and Wendy. Especially, I'd like to address a big big thank you to Wendy who worked out the logistics of these amazing five days. Today was already intense with no less than 11 visits in parallel. Let me get my list. Our students had the opportunity to see: KKR, Chenavari, IK Partners, Kroll, Moelis, PSP Investments. Then other students visited SFO Capital Partners, L-Gam, Alvarez & Marshall, Macquarie, an dfinally Zaoui & Co. We're all just knackered, we're going back to the hotel for a good night sleep, as we're starting again tomorrow Thusday at 8am. with visits of Societe Generale and Deutsche Bank. 🇬🇧 LONDON STUDY TRIP #3 🇬🇧 So this is Day 2 of our London Study Trip! Pretty long day today as we started visits at 8am this morning, and we will continue throughout the day with 16 visits in total. Our London study trip is an amazing immersion in the financial industry with no less than 41 visits in total. Out of those 41 companies, we will visit: 10 investment banks offering jobs across both investment banking division, M&A and capital markets. We'll also visit 3 M&A boutiques, 10 Consulting firms and Strategic Advisory firms, also 10 buy-side Markets institutions, ranging from asset managers to hedge funds. And eventually we will also visit 8 buy-side corporate finance institutions in VC, private equity and private debt. So as you can see, we cover the full spectrum of financial institutions and this is an amazing opportunity to network for our students. 🇬🇧 LONDON STUDY TRIP #4 🇬🇧 So, we just finished our second day of visits. 16 amazing visits today. We started in the City with conferences at Deutsche Bank and Société Générale. Then our students had lunch across 4 different investment banks: Exane BNP Paribas, HSBC, Credit Suisse and Nomura. This afternoon we were all spread out from Mayfair to Canary Wharf. Let me get you the list: we visited Accuracy, Centerview, Pemberton, Park Square Capital, PJT Partners, Perella Weinberg, Starwood, Temasek, Blackstone and Citadel. We just have a bit less than 1 hour to rest now, and tonight we will be near Hyde Park for a super networking event at the Caledonian Club, where our new students will meet up with the HEC Alumni community in London. We have over 300 people registered, so it's going to be an amazing event. 🇬🇧 LONDON STUDY TRIP #5 🇬🇧 This is Day 3 of our London Study Trip, we're starting to get really tired now. We had this networking event till very late last night, and we are starting to get really tired. So, another 14 visits today. We're starting with two big visits in the City with Bank Of America, and in Canary Wharf with Morgan Stanley. Then our students will have lunch in smaller groups at 5 different places: Barclays, Raine Group, Arma Partners, Houlihan Lokey, and UBS. It is going to be a very busy day again. 🇬🇧 LONDON STUDY TRIP #6 🇬🇧 So, Day 3 of our London Study Trip is almost finished, we had 14 visits today in total. Our students finished with Fortress, Amber Capital, Octopus Ventures, TowerBrook and Goldman Sachs. The day is not over, we have booked tonight a pub in Moorgate, in the center of the City of London, for our students to mingle with Master in Finance alumni in a less formal venue. This will be the opportunity of further networking over drinks within the big family of HEC students and alumni. Thank you again for following us. #hecparis #businessschool #education #highereducation #hecparismasters #hecstudytrips #studytrip #finance This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [BLOCKCHAIN EXPLAINED] #56 - What is Proof of Stake Consensus Mechanism? [French, subs in Eng, Chi] Description: 𝐓𝐇𝐄 𝐀𝐌𝐀𝐙𝐈𝐍𝐆 𝐇𝐈𝐒𝐓𝐎𝐑𝐘 𝐎𝐅 𝐁𝐋𝐎𝐂𝐊𝐂𝐇𝐀𝐈𝐍 𝐀𝐍𝐃 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐄𝐗𝐏𝐋𝐀𝐈𝐍𝐄𝐃 𝐈𝐍 𝟗𝟎 𝐒𝐇𝐎𝐑𝐓 𝐄𝐏𝐈𝐒𝐎𝐃𝐄𝐒 𝐎𝐅 𝐋𝐄𝐒𝐒 𝐓𝐇𝐀𝐍 𝟐 𝐌𝐈𝐍𝐔𝐓𝐄𝐒 𝐄𝐀𝐂𝐇! Non-commercial educational video - cartoons copyright: Huobi -------------------------------------------- [𝐒𝐂𝐑𝐎𝐋𝐋 𝐃𝐎𝐖𝐍 𝐅𝐎𝐑 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 𝐀𝐍𝐃 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇] -------------------------------------------- En collaboration avec Ledger: https://www.youtube.com/channel/UCSrfbzqF29CD4rQjJl_ixnw Vous souhaitez investir de manière sécurisée ou en apprendre davantage sur l'univers de la crypto monnaie? Rendez-vous sur https://www.ledger.com/ , la première entreprise française proposant des produits et solutions crypto entièrement sécurisés. School of Block Episode 0: Introducing School of Block https://www.youtube.com/watch?v=EsxUw72auZc School of Block Episode 1: What is Money? https://www.youtube.com/watch?v=wYB0FncHZ_M -------------------------------------------- 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 (𝐅𝐫𝐞𝐧𝐜𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐝𝐨𝐰𝐧): Proof of Stake consensus mechanism, Also known as POS, is similar to depositing your money in a bank where interest is given based on the amount and duration held. For cryptocurrencies that utilize Proof of Stake, the network will allocate tokens based on coin age, which is the quantity and duration of the cryptocurrency held. If you hold 100 tokens for a total of 30 days, your coin age at that point would be 3000. PoS has 2 advantages over Proof of Work. Firstly, PoS is far more energy efficient as it does not rely on competing with computing power. Secondly, PoS is less susceptible to a 51% Attack. An attacker needs to hold 51% of tokens, which is not worthwhile as it hurts his own financial interests. Currently, many cryptocurrencies utilize proof of work to issue new tokens and proof of stake to maintain the security of the network. 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇 (𝐄𝐧𝐠𝐥𝐢𝐬𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐚𝐛𝐨𝐯𝐞): Le mécanisme de consensus par Preuve d'Enjeu (ou PoS, pour "Proof of Stake" en anglais), est similaire au dépôt de votre argent dans une banque, où les intérêts sont calculés en fonction du montant et de la durée de dépôt. Pour les crypto-monnaies qui utilisent la Preuve d'Enjeu, le réseau attribuera des jetons en fonction d'un score appelé "coin age", correspondant à la quantité de crypto-monnaie détenue, multipliée par la durée de détention. Si vous détenez 100 jetons pour un total de 30 jours, votre score de "coin age" à cet instant serait de 3000. Le PoS présente deux avantages par rapport à la Preuve de Travail. Tout d'abord, le PoS est beaucoup plus économe en énergie, car il n'implique pas de concurrence basée sur la puissance de calcul. Et deuxièmement, le système PoS est moins sensible aux attaques majoritaires, dites attaques à 51%. Un attaquant devrait en effet détenir 51% des jetons pour gagner le consensus à la majorité, ce qui représenterait un risque financier bien trop élevé pour le faible gain que l'obtention de ce consensus lui apporterait. A l'heure actuelle, de nombreuses crypto-monnaies utilisent un système hybride combinant la Preuve de Travail pour émettre de nouveaux jetons, et la Preuve d'Enjeu pour le maintien et la sécurité du réseau. C'est tout pour aujourd'hui. Alors, abonnez-vous vite pour découvrir la suite de l'aventure de la Blockchain ! A bientôt ! This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [BLOCKCHAIN EXPLAINED] #54 - What is Blockchain Consensus Mechanism [in French, subs in Eng, Chi] Description: 𝐓𝐇𝐄 𝐀𝐌𝐀𝐙𝐈𝐍𝐆 𝐇𝐈𝐒𝐓𝐎𝐑𝐘 𝐎𝐅 𝐁𝐋𝐎𝐂𝐊𝐂𝐇𝐀𝐈𝐍 𝐀𝐍𝐃 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐄𝐗𝐏𝐋𝐀𝐈𝐍𝐄𝐃 𝐈𝐍 𝟗𝟎 𝐒𝐇𝐎𝐑𝐓 𝐄𝐏𝐈𝐒𝐎𝐃𝐄𝐒 𝐎𝐅 𝐋𝐄𝐒𝐒 𝐓𝐇𝐀𝐍 𝟐 𝐌𝐈𝐍𝐔𝐓𝐄𝐒 𝐄𝐀𝐂𝐇! Non-commercial educational video - cartoons copyright: Huobi -------------------------------------------- [𝐒𝐂𝐑𝐎𝐋𝐋 𝐃𝐎𝐖𝐍 𝐅𝐎𝐑 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 𝐀𝐍𝐃 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇] -------------------------------------------- En collaboration avec Ledger: https://www.youtube.com/channel/UCSrfbzqF29CD4rQjJl_ixnw Vous souhaitez investir de manière sécurisée ou en apprendre davantage sur l'univers de la crypto monnaie? Rendez-vous sur https://www.ledger.com/ , la première entreprise française proposant des produits et solutions crypto entièrement sécurisés. School of Block Episode 0: Introducing School of Block https://www.youtube.com/watch?v=EsxUw72auZc School of Block Episode 1: What is Money? https://www.youtube.com/watch?v=wYB0FncHZ_M -------------------------------------------- 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 (𝐅𝐫𝐞𝐧𝐜𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐝𝐨𝐰𝐧): In the blockchain network, there are no centralized bookkeeping institutions such as banks to ensure the consistency of every transaction. Reaching consensus is of utmost importance. The consensus mechanism addresses this issue. Currently, the main consensus mechanisms are Proof of Work and Proof of Stake. Proof of Work measures the work generated to determine the probability of receiving a reward, the larger the work output, the higher chance of getting the block reward. Proof of Stake determines your mining power by looking at the amount of coins you hold and for how long. This is similar to the dividend system used in stocks. The more shares held, the higher the dividends received. The principle behind Delegated Proof of Stake (DPOS), is similar to that of PoS, except that it uses "elected delegates". In DPOS, stakeholders elect representatives, who carries out verification and updating of records to the ledger. With the advancement of technology, we may soon see the emergence of new consensus mechanisms. 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇 (𝐄𝐧𝐠𝐥𝐢𝐬𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐚𝐛𝐨𝐯𝐞): Dans le réseau blockchain, il n'y a pas d'institution comptable centralisée, telle que les banques, pour assurer la cohérence de chaque transaction. Atteindre un consensus sur le réseau est donc de la plus haute importance. Le mécanisme de consensus apporte justement une réponse à cette problématique. A l'heure actuelle, les principaux mécanismes de consensus sont la "Preuve de Travail" ("Proof of Work" en anglais) et la "Preuve d'Enjeu" ("Proof of Stake" en anglais). La preuve de travail (ou "Proof of Work") mesure les efforts générés pour déterminer la probabilité de recevoir une récompense. Plus ces efforts sont productifs, et plus les chances d'obtenir une récompense de bloc sont élevées. La preuve d'enjeu (PoS, ou "Proof of Stake" en anglais) détermine votre puissance minière en examinant la quantité de jetons que vous détenez, et sur quelle durée. Cette approche est un peu similaire à l'analyse des dividendes payés pour la détention d'actions. Plus vous détenez d'actions, et plus les dividendes reçus sont élevés. Et enfin, le principe de "Preuve d'Enjeu déléguée" (ou DPoS, pour "Delegated Proof of Stake" en anglais) est similaire à celui du PoS, sauf qu'il utilise des "délégués élus". Dans un système DPOS, les parties prenantes élisent des représentants, qui effectuent en leur nom la vérification et la mise à jour des enregistrements dans le grand livre comptable. Avec l'avancement de la technologie, nous pourrions bientôt voir l'émergence de nouveaux mécanismes de consensus. Je vous expliquerai plus en détail ces différents types de mécanismes de consensus dans les prochains épisodes. Alors, abonnez-vous vite pour découvrir la suite de l'aventure de la Blockchain ! A bientôt ! This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> HEC Paris MSc Finance - Student Testimony Description: Karen Contet, a graduate of the HEC MSc Finance and CEO and Co-founder of AngelHub, a tech investment platform that democratizes venture capital, explains how the program opens doors that you can leverage in your career to make an impact. This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Instagram: @prof.obossard (https://www.instagram.com/prof.obossard/) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [BLOCKCHAIN EXPLAINED] #55 - What is Proof of Work Consensus Mechanism [in French, subs in Eng, Chi] Description: 𝐓𝐇𝐄 𝐀𝐌𝐀𝐙𝐈𝐍𝐆 𝐇𝐈𝐒𝐓𝐎𝐑𝐘 𝐎𝐅 𝐁𝐋𝐎𝐂𝐊𝐂𝐇𝐀𝐈𝐍 𝐀𝐍𝐃 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐄𝐗𝐏𝐋𝐀𝐈𝐍𝐄𝐃 𝐈𝐍 𝟗𝟎 𝐒𝐇𝐎𝐑𝐓 𝐄𝐏𝐈𝐒𝐎𝐃𝐄𝐒 𝐎𝐅 𝐋𝐄𝐒𝐒 𝐓𝐇𝐀𝐍 𝟐 𝐌𝐈𝐍𝐔𝐓𝐄𝐒 𝐄𝐀𝐂𝐇! Non-commercial educational video - cartoons copyright: Huobi -------------------------------------------- [𝐒𝐂𝐑𝐎𝐋𝐋 𝐃𝐎𝐖𝐍 𝐅𝐎𝐑 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 𝐀𝐍𝐃 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇] -------------------------------------------- En collaboration avec Ledger: https://www.youtube.com/channel/UCSrfbzqF29CD4rQjJl_ixnw Vous souhaitez investir de manière sécurisée ou en apprendre davantage sur l'univers de la crypto monnaie? Rendez-vous sur https://www.ledger.com/ , la première entreprise française proposant des produits et solutions crypto entièrement sécurisés. School of Block Episode 0: Introducing School of Block https://www.youtube.com/watch?v=EsxUw72auZc School of Block Episode 1: What is Money? https://www.youtube.com/watch?v=wYB0FncHZ_M -------------------------------------------- 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐄𝐍𝐆𝐋𝐈𝐒𝐇 (𝐅𝐫𝐞𝐧𝐜𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐝𝐨𝐰𝐧): Proof of Work is a type of Consensus Mechanism that can simply be understood as proof of certain amount of work done which can be easily verified by checking the end results. Bitcoin mining utilizes Proof of Work as a Consensus Mechanism. The Bitcoin Network adjusts the difficulty to ensure that it takes around 10 minutes for miners to come up with the correct solution. The solution contains the correct nonce in the "blockheader". Proof of Work is when miners find the solution, we can assume that miners have completed the work for that specified difficulty level. The probability of updating the next block is determined by the percentage of total computing power a miner control. If a miner’s contributes to 30% of the network power, then his probability of winning is 30%. Hence, increasing your computing power will increase the chances of obtaining new Bitcoins. 𝐅𝐔𝐋𝐋 𝐒𝐂𝐑𝐈𝐏𝐓 𝐈𝐍 𝐅𝐑𝐄𝐍𝐂𝐇 (𝐄𝐧𝐠𝐥𝐢𝐬𝐡 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐚𝐛𝐨𝐯𝐞): La Preuve de Travail (ou PoW, pour "Proof of Work" en anglais) est un mécanisme de consensus qui peut être compris comme basé sur la preuve d'une certaine quantité de travail effectué, facilement vérifiable avec les résultats obtenus par le mineur. L'extraction de bitcoins utilise la Preuve de Travail comme mécanisme de consensus. Le réseau Bitcoin ajuste la difficulté pour s'assurer que 10 minutes soient nécessaires aux mineurs pour trouver la bonne solution de hachage. La solution, c'est le nonce correct, contenu dans l'en-tête de bloc. La preuve de travail est obtenue lorsque les mineurs se sont suffisamment impliqués et qu'ils ont trouvé la solution au problème mathématique correspondant au niveau de difficulté proposé. La probabilité de pouvoir mettre à jour le bloc suivant est déterminée par le pourcentage de la puissance de calcul totale qu'un mineur contrôle. Si un mineur contribue à 30% de la puissance du réseau, alors sa probabilité de gagner est de 30%. Par conséquent, l'augmentation de votre puissance de calcul augmentera les chances d'obtention de nouveaux jetons bitcoin. C'est tout pour aujourd'hui. Alors, abonnez-vous vite pour découvrir la suite de l'aventure de la Blockchain ! A bientôt ! This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [Fin/Eco Education] Vintage Cartoon 1956 - The Oil Industry Description: Destination Earth is a 1956 propaganda Sci-Fi cartoon created by John Sutherland and sponsored by the American Petroleum Institute, still the biggest lobby for the U.S. oil and gas industry. It explains the fundamentals of the petroleum industry and how petroleum products enrich everyday life in the United States of America, as well as the benefits of a free market economy. The cartoon was produced in the middle of the Cold War. Not surprisingly, it features a fine blend of anti-communist and pro-capitalist sentiment. The cartoon follows the adventures of "Colonel Cosmic," a Martian space traveler, as he learns that oil and competition are the two things that make America great. The cartoon compares the Earth-style free enterprise economics to a stagnating Mars under the fist of a certain “Mr. Ogg,” a dictator who centrally controls the Martian economy. Mars, the "red" planet, looks a lot like the Soviet Union and Ogg, the totalitarian leader who puts his name on everything and forces the Martians to applaud for him, looks like Stalin with large moustache. Colonel Cosmic, who flies from Mars to Earth, is actually on an intelligence mission. He finds that the lack of government regimentation and control is what makes the American system flourish. Colonel Cosmic goes back to Mars and initiates a revolution, overthrowing the Ogg government. Soon, lots of small businesses and wildcat oil drillers are in business and Mars is starting to look like Earth. Destination Earth avoids coming off as too doctrinaire or propagandistic through its self-deprecating humor (a trademark of John Sutherland films), but it's still an insidious, self-serving piece of corporate propaganda. It takes the ideas expressed in films like Make Mine Freedom and takes them one step further, showing free-enterprise ideology not simply as a defense against socialism but as a means of subverting other societies. Storyline: Ogg, the supreme dictatorial leader of Mars, holds a special rally to celebrate the exploits of Mars' first space explorer Colonel Cosmic, who has just returned from a trip to Earth. That trip was initiated by Ogg to overcome the problems of Ogg's own explosive-powered state limousine, by finding out how state limousines on other plants operated. By chance, Cosmic landed in the United States. He ventured into a nearby big city where he found that all Americans could move quickly and efficiently by gasoline powered automobiles. Despite the difficulty of finding and getting the raw resource of petroleum out of the ground, petroleum and distributing it to the masses is the panacea for many of the problems that Americans may have faced otherwise, not only as that efficient fuel source, but also for the manufacture of many other transportation and non-transportation related products. Cosmic also found another important component – capitalist spirit of competition – in making America the most prosperous nation on Earth, which, if adopted on Mars, could overthrow Ogg's dictatorship. The Martian triumphantly returned to Mars with stolen library books on the oil industry. After reading from them the population of Mars deserts Ogg and sets up their own oil companies. The short ends with the slogan "destination unlimited" written across the screen. HISTORICAL BACKGROUND / CONTEXT The Cold War (1947-1991) was in many respects a struggle for the hearts and minds of people everywhere. That competition was carried out through massive American and Soviet propaganda campaigns to isolate the respective opponent internationally, win the approval of world opinion, and consolidate the own sphere of influence. Every opportunity from art exhibits to international sports events, and every medium from radio to television, was used to fight the propaganda war. Television and advertising played key roles in constructing the image of an ideal American way of life. American propaganda functioned to shore up support and national pride by projecting an image of prosperity, freedom and strength. In many ways, however, these images were fantasy. They contrasted and conflicted with many American's real life. This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [Fin/Eco Education] Vintage Cartoon 1954 - It's Everybody's Business Description: This animated short film is a Cold War-era propaganda product presented by the United States Chamber of Commerce. The main goal of the cartoon is to glorify the capitalism and the free enterprise system. The film does a great job of demonstrating the basic concepts of capitalism. It explains how business and competition works. It says that we pay taxes to have schools, hospitals, roads, fire and police departments, aid to the needy and obviously national defense. It also says that we shouldn't want the government to provide non essential services since they have to be paid for by higher taxes. The film was produced by John Sutherland. The Freedoms Foundation awarded the film its gold honor medal as "the best film developed in the United States during 1954 to further better understanding of the American way of life". HISTORICAL BACKGROUND / CONTEXT After World War 2 nuclear anxiety, anti-Communism and international political realignments fueled the Cold War-era United States and turned the country's media landscape into a battleground from the late 1940s on. In the press, on the radio, and increasingly through the newly emerging medium of television, business and labor struggled for power over the national consciousness. These opposing forces fought to redefine the economic structure of the American nation. To most working people, postwar "normalcy" meant a final farewell to Depression-induced privation, access to consumer goods unavailable during the war years, and a redistribution of the economic pie through the newly powerful labor movement. To business, however, the end of hostilities promised freedom from New Deal liberalism. Corporations sought an end to planning and government influence, to communist, socialist and labor movements, and above all, shrinkage of the public sector, swollen in sixteen years of economic depression and war. Both sides characterized their points of view as patriotic and their opponents as un-American. Business fought for influence through organizations like the U.S. Chamber of Commerce. Their intentions were presented as lofty and neutral: to educate Americans about their economic system and its benefits. Launching a giant propaganda offensive, these organizations pumped out press releases, published books, organized public and private meetings, bought advertising and produced motion pictures. Differences between capitalism and communism: Capitalism and communism are two political theories which can be stated as the complete opposite of one another as their fundamental ideologies contrast each other in the most prominent ways. Capitalism can best be defined as a financial and a social system that recognizes individual property rights, individual consumption and approves of the private ownership of capital. It gave rise to the industrialization and is based on the rights of the individual and allows individuals unlimited opportunities in creating wealth for themselves. Capitalism also encourages the individual to own as much property and goods that they can afford to buy which in turn results in inequality. This inequality then results in each citizen striving to accumulate more wealth in order to stand above the rest and yet, each individual is supposed to respect the rights of other individuals. The citizens of a capitalist society are provided with equal opportunity when competing as sellers or buyers of goods or property, with the government playing no part in it except setting up certain rules and regulations regarding the process. Capitalism is honest competition and letting the marketplace decide who has the better product for better prices and one sees no oppression of the individual here as a result. Communism is based on the belief that individual gain must be scarified in order to achieve collective gain. Thus communism allows the state or the community the ownership of all goods and services with the intention of promoting a common ownership. Communism preaches of a classless, egalitarian society where everybody is treated equally and everybody is given an equal standing. According to communists, capitalism is a system within the rich get richer and the poor get poorer as a result of the rich people yielding power when the poor are forced to live under their reign. This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video> <video> [Fin/Eco Education] Vintage Cartoon - Looney tunes on Investment Description: Looney Tunes on Why Keynesians are Stupid This post is for educational purposes only ; it is not an investment advice. - 𝐎𝐥𝐢𝐯𝐢𝐞𝐫 𝐁𝐎𝐒𝐒𝐀𝐑𝐃 Email: bossard@hec.fr LinkedIn: https://www.linkedin.com/in/olivierbossard Twitter: @olivier_bossard (https://twitter.com/olivier_bossard) Facebook: Olivier Bossard (https://www.facebook.com/olivier.bossard.hec) HEC: https://www.hec.edu/Faculty-Research/Faculty-Directory/BOSSARD-Olivier </video>

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Olivier Bossard is Professor of Finance at the MSc Finance of HEC Paris Business School.
This program has been ranked #1 worldwide in the QS Global Ranking 2023 of Masters in Finance.

In June 2019, he receives the Best Professor Award at HEC Paris.

He also teaches Finance at Tsinghua University (Beijing) and Hitotsubashi University (Tokyo).

Olivier graduated as an Engineer from Ecole Centrale Paris (Diplôme d’ingénieur de l’ECP / MSc in Applied Mathematics, 1991).
He subsequently spent 3 years in Japan at Yokohama National University, where he specialized in Cryptography, Deep Learning Neural Networks and Artificial Intelligence.

His current study fields include: Finance 2.0, FinTech, Cryptography and Blockchain technology, as well as Big Data and Artificial Intelligence applications in Finance.

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