I mean, as I said earlier, I initially thought I really want to be in policy. So, we see market leaders who have to scale in certain markets being stocked by distributors all through that market tend to see higher market shares lead into high margins. You know, I think we've seen a lot of companies go from, you know, this isn't something we have to worry about to now setting net zero and science-based targets. And it really doesn't matter what happens, you know, for dumping a bunch of chemicals out the backyard, because we'll be out of the stock, or it doesn't matter how we're treating our people. I mean, those are just like, great, they're like absolute numbers. I find mfs like you really interesting stories. I find little elements of kindness in every day, because I think that sometimes change happens in small doses rather in large ones. And yeah, just a quick thank you to say thanks very much for hosting season one. I actually also just finished Red Notice about two months ago, just a fascinating read about how that came to be. Sometimes they can actually increase in value for certain products.
David Falco: Also, crucially with these customers is access to a vast number of raw materials around the globe. Is that much harder than just using a backward-looking screened approach? But I did come across an article a long time ago that I do always go back to every once in a while.
It's the G pillar in both ways, but they're implemented and manifested differently. Because again, some investors are just ticking the box. And again, there are some numbers we can get, right? So like to your point, that's a really large number. Whilst we tried to be very thoughtful, engaged with all of the literature and be as critical as we can about our opinions, there is something very useful about getting people on who are outside of the four walls of the company that you work at who have different contexts as well. I find mfs like you really interesting post. And many of the economists, you know, have said that we need to spend something like $4 trillion per year. And that means that you have to be flexible to adapt, to understanding the different considerations while you're still applying the same principles of ultimately being repaid. For today's episode, I invited a member of my team, George Beesley, to come on with me to discuss what we think we've learned so far and where we might go in the future. So I think what he means by that, what I interpret he means by that is there's a kind of core set of ethics, i. e., "In this team, we believe in putting our clients first. So you talked about, in terms of analyzing companies with moats, is a sort of sustainability moat. A huge amount of investment.
I think a lot of the time we learn from those like us. And I think that's really what's driven the difference nowadays is that information, as I mentioned earlier, with regards to the Lehman Brothers experience, information flows much more freely and therefore you have a lot of access to information. Well, it wasn't the most direct way. But in the short term, it's absolutely a test. So I'm just curious, is there anything that you reflect on now that pulled you in, that keeps you so motivated to keep looking at this asset class? Bring my loved ones here so u know what i'm saying u be easy bro. So it was always part of the analysis and the investment thesis that you had to have a strong view on the sustainability of the company because otherwise you wouldn't get paid. I find mfs like you really interesting song. There's the idea of this agency and how it differs between engaging with corporates versus, say, sovereigns.
I'm going to go for one of my favorite hobby horses, which you know well, which is the right tool for the right job. I think there's always opportunities. As you spoke about material elements of ESG or how we distill signal from noise, is there anything that you think has evolved in the last few years for you in terms of how you think maybe about the E and the S factors? Stream i find mfs like u really interesting bro by groovy bot | Listen online for free on. Did that come through for you as well? Why do you choose to do this when there's so many other things that you have done and could use today? Pilar, thank you so much for joining us on the podcast today. Nicole Zatlyn: Yeah, absolutely. And as we talked about earlier, valuation is an important component of the overall strategy. And I think even other themes that often relate back to this idea of embracing complexity, which is what makes the field really interesting to work in.
Nicole, before I ask you some more questions, a little bit more about you, like are there themes in this whole space that you're watching very intently, that you are looking to kind of play out or you know, excited to see how they may play out over time? Vish Hindocha: Hmm, and so thinking about that management productivity mindset, if you like, in terms of thinking about those risks, one thing I was really wanting to ask, it comes maybe to your short term long term, to my eye and ear, you know, consumers are now paying more attention to some of these supply chain risk issues, right? I ain't gon lie this spot kinda like a personal thing to me you get what 'm personal saying. David Falco: I would certainly say in the last 12 to 15 months, the past rate of inflation, it seems to have been relatively easy for many companies, even companies that you might not have associated with strong pricing power in the past. So far, we've got embrace complexity, the right tool for the right job, and systems thinking, both bottom-up and top-down. The right tool for the right job, I really like that one. Join us as MFS investment analyst David Falco takes a deeper dive into pricing power, the risks and why it is more than just raising prices. A couple of different examples that I was thinking about where it might just be chasing short-term quarterly financial performance. So, it's trying to put together some of these topics, and see where it sits within the importance on the management team, and where it sits within the board as well. I think maybe on embracing complexity and thinking about systems thinking more bottom-up, I do wonder if we could go deeper on some of the sectors and to really kind of unpack some of that complexity.
Not only that the market is throwing up many challenges, but what pulled you in was complexity and actually about a vocational element of what we actually do in creating a difference. There's a series of industry deals over the last 20 years, which has moved the competitive landscape from six key global players to really just three major global players today. So maybe a question before we get into materiality is how do you look to build sort of an analytical edge of some of those topics that can be inherently really intangible or hard to fully quantify? So we're all on the same page. That again, is exciting and it just keeps me going. And kind of that, you know, the learning, the talking, the doing the deep dives, the reading, there are just no shortcuts to this. And when you're done with your work, you could sit in this bright red, incredible in my mind, bathtub and read. Again, if you'd have us, would, would love to have you back maybe after the proxy season is closed and we can dig into, to governance and some of the other issues that are front of mind for you.
Um so again, this is a very robust framework, and um it does align with the Paris accord. And it comes back to this idea that we are long-term investors. And so there are still many unknowns. You mentioned reading. So Nicole, let's begin as we always do. Having the different perspectives, as I said, can contribute to the two plus two equals five thesis. And I'll definitely be thinking about hors d'oeuvres and stews for a little bit longer. I stole a line from his work on this, which is actually what we want is really high cognitive diversity and really low values diversity. Yo where'd get this?? The company will often come back and say, "Look, this was really helpful.
We see that electricians and installers tend to be quite loyal to the products that they use. This shit taste insane though shit wild seafood pasta uk what i'm saying this shit market price u feel me shit i wish i could put u on but its really a personal vibe u know. Vibe feel just ike a what's personal vibe u feel me. Again, I'd love your thoughts on that. You know, I think everyone's kind of familiar with the idea of a value trap. You might have a weakness in one area, you're trying to engage on that, but also recognize the potential of the other area. And I think a lot of the time that passion is really what gets translated to the performance, to your connections, to your relationships, and to your team motivation. They don't necessarily understand that they two go hand in hand. Pilar, what's the kindest thing anyone's ever done for you? That's one of the things that I like the most about podcasts as the format, right?
So, and again, everything's interrelated too, so there's the first order effects, and then there's a second, third order effects of that kind of spend. So, you know, I have it completely integrated into my philosophy, which also includes finding very strong management, finding companies that have very strong moats, which is also companies that have strong control over their balance sheet so that they control their destiny, and includes very strong valuation parameters. Even the conviction around having difficult conversations around board structures, governance, around social aspects and stakeholder interests. But just maybe for a couple of minutes describe for us your own investment philosophy and how you think about building the portfolio that you manage. Vish Hindocha: Mm-hmm (affirmative). Investment decisions in fixed income are similar.
So when we ask a question about sustainability, it's not for the sake of just sustainability itself.
Simply press A in either manner, and the item will be exchanged with gold. Here's how you solve it: ------. Object scrolls inside the Ylside bunker (go down the stairs, make a right down. Personally, I use a combination of HARM, stealth, and fighting abilities to get.
Once you enter the room, you're presented with a surreal view of a mutated. Oliver's Magic Ring (+1 all stats). Acquired, and run through QUICKLY. Green Potion (gives weapon poison damage element). The dragon, you may also take dragon bones (the only place you can get them in. Flames suddenly shoot up to the ceiling. Black.............. Dwarf fortress fire safe anvil recipe. | 10 |. Object knowledge skill if you want to complete the game. The hardest part though is getting your hands on that. Thankfully, there are 2 enchant. Seller's inventory, and a price will appear at the bottom of the screen.
Spells, please check out the Magic Section. The next room has two paths. Stay in the right range, he will not summon a demon creature. Walk into the cell room. The King then has a piece of this meteor rock brought in and laid on the table. Dwarf fortress how to make a well. Run back to the room with the dead creature, and. The biggest threats to their security are chromatic Dragons and Giants, but other humanoids such as green-skins and the hated Deep-dwarves of clan Ashbight are their most numerous foes, especially due to The Green-Skin Wars, and The War for the Silver Crown. Head to Level 2, enter the ice caves, and seek the ice dragon for a dragon.
Inventory, then combine it with the dragon. Make quick use of her, then pick up the piece of. Tell the King of your news. A few hidden spells in the game, but I'm sure they'll be discovered. Projection to suck your health away. Not the fourth descendant - she is the fifth! Original starting point is in the game. Plot of the story, but most assist in a more enjoyable gaming experience. Best method for forging and smelting in the Dwarven Fortress. Originally developed by Arkane. Inside you'll find Krahoz to be. Goblins hate humans, but have a "business". Back to where the two dead guards are on the ground (before the fortress), and. Your papers at the gate).
Tries to kill him because of his foolish paralyze spell. Finished talking, wait until this Goblin leaves his room. A recent earthquake blocked the path from the establishment to Arx. Increases all character stats on the casted target (CO, ST, MEN, DEX). On the northwestern corner. Dwarf Species in The Known World | World Anvil. Apparently, King Poxsellis (father of Lunshire) made a pact with the. Iron and Steel anvils are exactly the same, and behave identically to gem anvils (made from Strange Moods) in all instances. When you first create your player in the world of Arx Fatalis, there are four. Adding Adamantine to Artifacts will boost their value considerably. Then, search your inventory for a wooden spike, and. The dragon will tell you that he simply isn't going to hand over one of his. Slice him when he gets close, and keep using ranged magic (fireball).
Have to fight a powerful Lich ghost, which may be too strong for your character. Humans feel like they're the most superior race since. WARHAMMERS: hulk SMASH. Both of them are glorious to. "Probably the most useless skill of them all. Digestional contusions.
Two handed, more powerful, but you sacrifice being exposed. Enter and talk to Sister Chinkashh. The largest race, literally in all of Arx is the trolls. Kolkt meteor you destroyed before (and grabbed the leftover powder). Basically, you can post this on your website as long as its in. Dwarf fortress - Do different anvil materials have different capabilities. Settings), and a purse will appear on the bottom of the screen. Certain types of armor make clunkier sounds, which reduces your overall. To remember: General's Grave. Shaegar, which means the "one without a name. " Aside from that, all. Bends until you reach an area with two levers. Places the target in paralysis (frozen solid).
Cross the bridge, go left, and proceed down a few steps. Shows the durability of all equipment on character. In the castle, you can find a Quest. If you pass the test, they shall let you borrow Zohark in order to destroy the common enemy, Akbaa. Discoveries may relate to them. Until you reach a room where there are three separate doors spaced out evenly -. Dwarf fortress fire safe anvil name. There should be a destroyed teleport. Magma Forge requires you to use magma-safe materials and an anvil. Wait up there until the beast walks into the room.
He doesn't know she is alive. Have to kill an Akbaa priest. Their health down very fast, and continue to move on until you reach the. Make a left after passing through the spider, and you'll find a few neat.
Very useful later on. Akbaa back to the Noden, where he should reside. Jump down the sewers. Use your blacksmithing gear to make better tools and build a fort, or die trying. Immediately to your left should be a portal that you should.