[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.20,0:00:00.77,Default,,0000,0000,0000,,In the last video
Dialogue: 0,0:00:00.77,0:00:02.44,Default,,0000,0000,0000,,we introduced ourselves
Dialogue: 0,0:00:02.44,0:00:03.69,Default,,0000,0000,0000,,to the law of supply
Dialogue: 0,0:00:03.69,0:00:05.97,Default,,0000,0000,0000,,and it was a fairly common sense idea
Dialogue: 0,0:00:05.97,0:00:07.38,Default,,0000,0000,0000,,that if we hold all else equal,
Dialogue: 0,0:00:07.38,0:00:10.15,Default,,0000,0000,0000,,that if the price of something goes up,
Dialogue: 0,0:00:10.15,0:00:11.31,Default,,0000,0000,0000,,there's more incentive
Dialogue: 0,0:00:11.31,0:00:13.12,Default,,0000,0000,0000,,for more producers to produce it,
Dialogue: 0,0:00:13.12,0:00:14.93,Default,,0000,0000,0000,,or a given producer to produce more of it.
Dialogue: 0,0:00:14.93,0:00:15.43,Default,,0000,0000,0000,,And we saw that.
Dialogue: 0,0:00:15.43,0:00:17.46,Default,,0000,0000,0000,,As the price goes up,
Dialogue: 0,0:00:17.46,0:00:19.62,Default,,0000,0000,0000,,we moved along the supply curve,
Dialogue: 0,0:00:19.62,0:00:22.13,Default,,0000,0000,0000,,and the quantity produced went up.
Dialogue: 0,0:00:22.13,0:00:23.16,Default,,0000,0000,0000,,Now what I want to talk about
Dialogue: 0,0:00:23.16,0:00:24.19,Default,,0000,0000,0000,,in this video
Dialogue: 0,0:00:24.19,0:00:25.80,Default,,0000,0000,0000,,is all the things we held equal
Dialogue: 0,0:00:25.80,0:00:26.80,Default,,0000,0000,0000,,in the last video.
Dialogue: 0,0:00:26.80,0:00:28.77,Default,,0000,0000,0000,,And the first of these,
Dialogue: 0,0:00:28.77,0:00:29.70,Default,,0000,0000,0000,,I'll call this
Dialogue: 0,0:00:29.70,0:00:32.62,Default,,0000,0000,0000,,the "price of inputs."
Dialogue: 0,0:00:32.62,0:00:34.08,Default,,0000,0000,0000,,Or, another way to think about it
Dialogue: 0,0:00:34.08,0:00:35.78,Default,,0000,0000,0000,,is the "cost of production."
Dialogue: 0,0:00:35.78,0:00:37.96,Default,,0000,0000,0000,,So if the price of inputs,
Dialogue: 0,0:00:37.96,0:00:39.73,Default,,0000,0000,0000,,maybe the price of labor,
Dialogue: 0,0:00:39.73,0:00:40.68,Default,,0000,0000,0000,,the people who would have to
Dialogue: 0,0:00:40.68,0:00:41.56,Default,,0000,0000,0000,,pick the grapes,
Dialogue: 0,0:00:41.56,0:00:42.32,Default,,0000,0000,0000,,or our fuel
Dialogue: 0,0:00:42.32,0:00:43.61,Default,,0000,0000,0000,,that we need to transport
Dialogue: 0,0:00:43.61,0:00:45.01,Default,,0000,0000,0000,,the grapes, or the land,
Dialogue: 0,0:00:45.01,0:00:46.60,Default,,0000,0000,0000,,if any of that increased,
Dialogue: 0,0:00:46.60,0:00:48.46,Default,,0000,0000,0000,,then at a given price point,
Dialogue: 0,0:00:48.46,0:00:49.44,Default,,0000,0000,0000,,we would make less money.
Dialogue: 0,0:00:49.44,0:00:50.46,Default,,0000,0000,0000,,There's less incentive
Dialogue: 0,0:00:50.46,0:00:51.39,Default,,0000,0000,0000,,for us to do it,
Dialogue: 0,0:00:51.39,0:00:52.73,Default,,0000,0000,0000,,especially if this is true .
Dialogue: 0,0:00:52.76,0:00:54.73,Default,,0000,0000,0000,,only for grapes
Dialogue: 0,0:00:54.73,0:00:55.53,Default,,0000,0000,0000,,Maybe we'll say,
Dialogue: 0,0:00:55.53,0:00:57.10,Default,,0000,0000,0000,,"Okay, if it's now more expensive
Dialogue: 0,0:00:57.10,0:00:58.21,Default,,0000,0000,0000,,to get grape seeds,
Dialogue: 0,0:00:58.21,0:01:00.12,Default,,0000,0000,0000,,maybe I'll start planting something else,
Dialogue: 0,0:01:00.12,0:01:01.20,Default,,0000,0000,0000,,because I'm not getting
Dialogue: 0,0:01:01.20,0:01:03.47,Default,,0000,0000,0000,,as much profit per pound of grape."
Dialogue: 0,0:01:03.47,0:01:05.55,Default,,0000,0000,0000,,So if the price of my inputs,
Dialogue: 0,0:01:05.55,0:01:10.33,Default,,0000,0000,0000,,or if the size of my costs go up,
Dialogue: 0,0:01:10.33,0:01:11.59,Default,,0000,0000,0000,,at any given price point,
Dialogue: 0,0:01:11.59,0:01:13.48,Default,,0000,0000,0000,,I'd want to produce less.
Dialogue: 0,0:01:13.48,0:01:16.84,Default,,0000,0000,0000,,So if the price of inputs go up,
Dialogue: 0,0:01:16.84,0:01:21.76,Default,,0000,0000,0000,,my supply would go down.
Dialogue: 0,0:01:21.76,0:01:23.75,Default,,0000,0000,0000,,So, this becomes...
Dialogue: 0,0:01:23.75,0:01:25.24,Default,,0000,0000,0000,,at this price point,
Dialogue: 0,0:01:25.24,0:01:26.22,Default,,0000,0000,0000,,I'd make less money,
Dialogue: 0,0:01:26.22,0:01:27.56,Default,,0000,0000,0000,,so I would produce less,
Dialogue: 0,0:01:27.56,0:01:29.74,Default,,0000,0000,0000,,or maybe I would produce other things.
Dialogue: 0,0:01:29.74,0:01:33.51,Default,,0000,0000,0000,,So I would shift the whole supply curve
Dialogue: 0,0:01:33.51,0:01:37.22,Default,,0000,0000,0000,,would shift to the left.
Dialogue: 0,0:01:37.22,0:01:39.22,Default,,0000,0000,0000,,And also, even the minimum price
Dialogue: 0,0:01:39.22,0:01:40.80,Default,,0000,0000,0000,,I would need to supply any of it
Dialogue: 0,0:01:40.80,0:01:41.59,Default,,0000,0000,0000,,would also go up
Dialogue: 0,0:01:41.59,0:01:42.75,Default,,0000,0000,0000,,when you shift the curve to the left,
Dialogue: 0,0:01:42.75,0:01:44.23,Default,,0000,0000,0000,,because now, all of a sudden,
Dialogue: 0,0:01:44.23,0:01:45.78,Default,,0000,0000,0000,,it costs me more to produce
Dialogue: 0,0:01:45.78,0:01:47.48,Default,,0000,0000,0000,,even that first unit.
Dialogue: 0,0:01:47.48,0:01:50.83,Default,,0000,0000,0000,,And, likewise, if my price of my inputs went down,
Dialogue: 0,0:01:50.83,0:01:52.18,Default,,0000,0000,0000,,now, all of a sudden,
Dialogue: 0,0:01:52.18,0:01:53.24,Default,,0000,0000,0000,,at any given price point,
Dialogue: 0,0:01:53.24,0:01:53.94,Default,,0000,0000,0000,,producing grapes
Dialogue: 0,0:01:53.94,0:01:55.40,Default,,0000,0000,0000,,would become more profitable
Dialogue: 0,0:01:55.40,0:01:56.59,Default,,0000,0000,0000,,and I would have more incentive
Dialogue: 0,0:01:56.59,0:01:58.17,Default,,0000,0000,0000,,to maybe produce grapes
Dialogue: 0,0:01:58.17,0:01:59.10,Default,,0000,0000,0000,,relative to other things
Dialogue: 0,0:01:59.10,0:02:00.07,Default,,0000,0000,0000,,and use more land
Dialogue: 0,0:02:00.07,0:02:02.16,Default,,0000,0000,0000,,for grapes than other things
Dialogue: 0,0:02:02.16,0:02:03.71,Default,,0000,0000,0000,,and then you would have
Dialogue: 0,0:02:03.71,0:02:05.92,Default,,0000,0000,0000,,the whole curve shift to the right.
Dialogue: 0,0:02:05.92,0:02:10.78,Default,,0000,0000,0000,,Now let's think about related goods.
Dialogue: 0,0:02:10.78,0:02:12.52,Default,,0000,0000,0000,,So what happens
Dialogue: 0,0:02:12.52,0:02:14.48,Default,,0000,0000,0000,,with the price of related goods?
Dialogue: 0,0:02:14.51,0:02:17.05,Default,,0000,0000,0000,,And when we think about this,
Dialogue: 0,0:02:17.05,0:02:18.31,Default,,0000,0000,0000,,we don't want to think of it
Dialogue: 0,0:02:18.32,0:02:19.84,Default,,0000,0000,0000,,from a demand point of view,
Dialogue: 0,0:02:19.84,0:02:20.92,Default,,0000,0000,0000,,because we're talking about supply.
Dialogue: 0,0:02:20.92,0:02:21.65,Default,,0000,0000,0000,,You want to think about it
Dialogue: 0,0:02:21.65,0:02:22.80,Default,,0000,0000,0000,,from the producer's point of view
Dialogue: 0,0:02:22.80,0:02:25.55,Default,,0000,0000,0000,,So when we think about related goods here,
Dialogue: 0,0:02:25.55,0:02:26.60,Default,,0000,0000,0000,,we want to think about
Dialogue: 0,0:02:26.60,0:02:27.79,Default,,0000,0000,0000,,substitutes for production.
Dialogue: 0,0:02:27.79,0:02:29.24,Default,,0000,0000,0000,,So, maybe I'm a farmer,
Dialogue: 0,0:02:29.24,0:02:31.23,Default,,0000,0000,0000,,and I know very little bit about farming,
Dialogue: 0,0:02:31.23,0:02:32.01,Default,,0000,0000,0000,,so I don't even know
Dialogue: 0,0:02:32.01,0:02:32.80,Default,,0000,0000,0000,,if this is possible,
Dialogue: 0,0:02:32.80,0:02:33.88,Default,,0000,0000,0000,,but maybe on my land,
Dialogue: 0,0:02:33.88,0:02:34.90,Default,,0000,0000,0000,,I'm saying,
Dialogue: 0,0:02:34.90,0:02:36.57,Default,,0000,0000,0000,,"Well, some of my land is going to be for grapes,
Dialogue: 0,0:02:36.57,0:02:39.50,Default,,0000,0000,0000,,and some of it is going to be for blueberries."
Dialogue: 0,0:02:39.50,0:02:40.89,Default,,0000,0000,0000,,And so what would happen
Dialogue: 0,0:02:40.89,0:02:43.91,Default,,0000,0000,0000,,if the price of a related good
Dialogue: 0,0:02:43.91,0:02:45.00,Default,,0000,0000,0000,,-- in particular, blueberries --
Dialogue: 0,0:02:45.00,0:02:45.81,Default,,0000,0000,0000,,what would happen
Dialogue: 0,0:02:45.81,0:02:48.92,Default,,0000,0000,0000,,if the price of blueberries went up?
Dialogue: 0,0:02:48.92,0:02:52.18,Default,,0000,0000,0000,,Well, if the price of blueberries went up,
Dialogue: 0,0:02:52.18,0:02:53.24,Default,,0000,0000,0000,,then I would say,
Dialogue: 0,0:02:53.24,0:02:53.89,Default,,0000,0000,0000,,"Wow, you know,
Dialogue: 0,0:02:53.89,0:02:55.29,Default,,0000,0000,0000,,maybe I can do better with blueberries,"
Dialogue: 0,0:02:55.29,0:02:56.30,Default,,0000,0000,0000,,and I would allocate
Dialogue: 0,0:02:56.30,0:02:57.64,Default,,0000,0000,0000,,more of my land
Dialogue: 0,0:02:57.64,0:02:59.24,Default,,0000,0000,0000,,to blueberries than to grapes.
Dialogue: 0,0:02:59.24,0:03:00.58,Default,,0000,0000,0000,,And so, once again,
Dialogue: 0,0:03:00.58,0:03:02.16,Default,,0000,0000,0000,,if the price of related goods...
Dialogue: 0,0:03:02.16,0:03:04.75,Default,,0000,0000,0000,,well, it depends which related goods...
Dialogue: 0,0:03:04.75,0:03:08.24,Default,,0000,0000,0000,,but if the price of productive substitutes,
Dialogue: 0,0:03:08.24,0:03:16.54,Default,,0000,0000,0000,,so the price of other things I could produce...
Dialogue: 0,0:03:16.54,0:03:17.84,Default,,0000,0000,0000,,if the price of other things
Dialogue: 0,0:03:17.84,0:03:19.14,Default,,0000,0000,0000,,I can produce
Dialogue: 0,0:03:19.14,0:03:22.73,Default,,0000,0000,0000,,goes up,
Dialogue: 0,0:03:22.78,0:03:24.98,Default,,0000,0000,0000,,then my supply of grapes, once again,
Dialogue: 0,0:03:24.98,0:03:26.59,Default,,0000,0000,0000,,my supply of grapes would go down.
Dialogue: 0,0:03:26.59,0:03:28.26,Default,,0000,0000,0000,,And the important thing is
Dialogue: 0,0:03:28.26,0:03:29.55,Default,,0000,0000,0000,,is in any of these circumstances,
Dialogue: 0,0:03:29.60,0:03:31.24,Default,,0000,0000,0000,,literally just think it through.
Dialogue: 0,0:03:31.24,0:03:31.82,Default,,0000,0000,0000,,Do not just look at
Dialogue: 0,0:03:31.82,0:03:32.75,Default,,0000,0000,0000,,what I'm writing here
Dialogue: 0,0:03:32.75,0:03:35.60,Default,,0000,0000,0000,,and try to memorize it in some way, shape, or form.
Dialogue: 0,0:03:35.60,0:03:37.52,Default,,0000,0000,0000,,This is really just a way
Dialogue: 0,0:03:37.52,0:03:38.60,Default,,0000,0000,0000,,to think about things.
Dialogue: 0,0:03:38.60,0:03:40.19,Default,,0000,0000,0000,,"Hey, obviously, if I can make
Dialogue: 0,0:03:40.19,0:03:41.87,Default,,0000,0000,0000,,more money off of blueberries,
Dialogue: 0,0:03:41.87,0:03:42.97,Default,,0000,0000,0000,,now, all of a sudden,
Dialogue: 0,0:03:42.97,0:03:44.08,Default,,0000,0000,0000,,I'm going to allocate more of my land
Dialogue: 0,0:03:44.08,0:03:45.75,Default,,0000,0000,0000,,to blueberries than to grapes."
Dialogue: 0,0:03:45.75,0:03:48.13,Default,,0000,0000,0000,,Supply of grapes will go down.
Dialogue: 0,0:03:48.13,0:03:48.83,Default,,0000,0000,0000,,Now let's think about
Dialogue: 0,0:03:48.83,0:03:53.82,Default,,0000,0000,0000,,what happens with the number of suppliers.
Dialogue: 0,0:03:53.82,0:03:56.05,Default,,0000,0000,0000,,"Number of Suppliers."
Dialogue: 0,0:03:56.05,0:03:57.89,Default,,0000,0000,0000,,And this one is...
Dialogue: 0,0:03:57.89,0:03:59.20,Default,,0000,0000,0000,,this is pretty common sense:
Dialogue: 0,0:03:59.20,0:04:00.76,Default,,0000,0000,0000,,the more people that are supplying,
Dialogue: 0,0:04:00.76,0:04:03.47,Default,,0000,0000,0000,,the higher the supply would be.
Dialogue: 0,0:04:03.47,0:04:06.25,Default,,0000,0000,0000,,So if the number of suppliers goes up...
Dialogue: 0,0:04:06.25,0:04:08.67,Default,,0000,0000,0000,,and now, this is a curve,
Dialogue: 0,0:04:08.67,0:04:09.92,Default,,0000,0000,0000,,maybe, for the aggregate supply.
Dialogue: 0,0:04:09.92,0:04:11.73,Default,,0000,0000,0000,,So if the number of suppliers goes up,
Dialogue: 0,0:04:11.73,0:04:14.24,Default,,0000,0000,0000,,then the aggregate supply would go up
Dialogue: 0,0:04:14.24,0:04:15.91,Default,,0000,0000,0000,,at any given price point.
Dialogue: 0,0:04:15.91,0:04:17.90,Default,,0000,0000,0000,,If the number of suplliers were to go down,
Dialogue: 0,0:04:17.90,0:04:20.18,Default,,0000,0000,0000,,then the aggregate supply would go down
Dialogue: 0,0:04:20.18,0:04:22.15,Default,,0000,0000,0000,,at any given price point.
Dialogue: 0,0:04:22.15,0:04:23.80,Default,,0000,0000,0000,,So this one, hopefully, is somewhat obvious.
Dialogue: 0,0:04:23.80,0:04:28.21,Default,,0000,0000,0000,,Then we can think about things like technology.
Dialogue: 0,0:04:28.21,0:04:29.24,Default,,0000,0000,0000,,And, so, this is, just...
Dialogue: 0,0:04:29.24,0:04:30.26,Default,,0000,0000,0000,,maybe there's some innovation,
Dialogue: 0,0:04:30.26,0:04:32.58,Default,,0000,0000,0000,,some new type of seed that,
Dialogue: 0,0:04:32.58,0:04:34.30,Default,,0000,0000,0000,,with the same amount of work,
Dialogue: 0,0:04:34.30,0:04:35.74,Default,,0000,0000,0000,,the same amount of land,
Dialogue: 0,0:04:35.74,0:04:37.50,Default,,0000,0000,0000,,can produce that many more grapes.
Dialogue: 0,0:04:37.50,0:04:42.07,Default,,0000,0000,0000,,So if we have technological improvements,
Dialogue: 0,0:04:42.07,0:04:43.82,Default,,0000,0000,0000,,(I'm assuming we're not going to go
Dialogue: 0,0:04:43.82,0:04:44.84,Default,,0000,0000,0000,,in some type of dark ages)
Dialogue: 0,0:04:44.84,0:04:47.67,Default,,0000,0000,0000,,if we have technological improvements,
Dialogue: 0,0:04:47.67,0:04:53.80,Default,,0000,0000,0000,,that will also make the supply go up.
Dialogue: 0,0:04:53.80,0:04:55.84,Default,,0000,0000,0000,,You can also think about it as:
Dialogue: 0,0:04:55.84,0:04:56.98,Default,,0000,0000,0000,,it might make it cheaper to produce,
Dialogue: 0,0:04:56.98,0:04:58.82,Default,,0000,0000,0000,,so it's kind of the same thing here.
Dialogue: 0,0:04:58.82,0:04:59.84,Default,,0000,0000,0000,,The price of inputs might go down,
Dialogue: 0,0:04:59.84,0:05:02.25,Default,,0000,0000,0000,,so that would make your supply go up.
Dialogue: 0,0:05:02.25,0:05:02.99,Default,,0000,0000,0000,,Or, you could just say,
Dialogue: 0,0:05:02.99,0:05:04.77,Default,,0000,0000,0000,,"Hey, look. There's just going to be more grapes
Dialogue: 0,0:05:04.77,0:05:06.97,Default,,0000,0000,0000,,popping off of these new types of vines that we got
Dialogue: 0,0:05:06.97,0:05:10.01,Default,,0000,0000,0000,,so we're just going to produce more grapes."
Dialogue: 0,0:05:10.01,0:05:11.13,Default,,0000,0000,0000,,And then the last one I'll cover,
Dialogue: 0,0:05:11.13,0:05:12.22,Default,,0000,0000,0000,,and it's a little bit strange
Dialogue: 0,0:05:12.22,0:05:13.31,Default,,0000,0000,0000,,in the grape analogy,
Dialogue: 0,0:05:13.31,0:05:16.37,Default,,0000,0000,0000,,is the "expected future prices."
Dialogue: 0,0:05:16.42,0:05:22.78,Default,,0000,0000,0000,,So the expected future prices
Dialogue: 0,0:05:22.78,0:05:23.95,Default,,0000,0000,0000,,-- price expectations.
Dialogue: 0,0:05:23.95,0:05:26.20,Default,,0000,0000,0000,,And let's go away from the grapes,
Dialogue: 0,0:05:26.20,0:05:28.13,Default,,0000,0000,0000,,because grapes are perishable goods,
Dialogue: 0,0:05:28.13,0:05:29.20,Default,,0000,0000,0000,,they go bad.
Dialogue: 0,0:05:29.20,0:05:31.04,Default,,0000,0000,0000,,It's not like you can save goods
Dialogue: 0,0:05:31.04,0:05:33.25,Default,,0000,0000,0000,,to use them later.
Dialogue: 0,0:05:33.25,0:05:35.60,Default,,0000,0000,0000,,But let's say you are an oil producer.
Dialogue: 0,0:05:35.60,0:05:36.10,Default,,0000,0000,0000,,And oil is something that
Dialogue: 0,0:05:36.10,0:05:39.08,Default,,0000,0000,0000,,you can store and you can use it later.
Dialogue: 0,0:05:39.08,0:05:44.42,Default,,0000,0000,0000,,If you expected oil prices to be neutral today,
Dialogue: 0,0:05:44.42,0:05:46.09,Default,,0000,0000,0000,,and then, tomorrow,
Dialogue: 0,0:05:46.09,0:05:48.09,Default,,0000,0000,0000,,all of a sudden, you are sure that
Dialogue: 0,0:05:48.09,0:05:51.11,Default,,0000,0000,0000,,oil prices are going to go up in the future,
Dialogue: 0,0:05:51.11,0:05:52.78,Default,,0000,0000,0000,,you're sure that a year from now,
Dialogue: 0,0:05:52.78,0:05:54.68,Default,,0000,0000,0000,,oil prices are just going to go through the roof,
Dialogue: 0,0:05:54.68,0:05:55.60,Default,,0000,0000,0000,,what's your incentive?
Dialogue: 0,0:05:55.60,0:05:57.10,Default,,0000,0000,0000,,Well, you should hoard all of your oil.
Dialogue: 0,0:05:57.10,0:05:59.06,Default,,0000,0000,0000,,Do not sell it today,
Dialogue: 0,0:05:59.06,0:06:01.09,Default,,0000,0000,0000,,and wait to sell it in the future,
Dialogue: 0,0:06:01.09,0:06:02.20,Default,,0000,0000,0000,,if you're sure
Dialogue: 0,0:06:02.20,0:06:03.13,Default,,0000,0000,0000,,that's what's going to happen.
Dialogue: 0,0:06:03.13,0:06:04.40,Default,,0000,0000,0000,,So if you expect...
Dialogue: 0,0:06:04.40,0:06:06.52,Default,,0000,0000,0000,,if there's a change ..
Dialogue: 0,0:06:06.52,0:06:08.43,Default,,0000,0000,0000,,in expected future prices.
Dialogue: 0,0:06:08.43,0:06:11.09,Default,,0000,0000,0000,,so, if you go from neutral
Dialogue: 0,0:06:11.09,0:06:15.12,Default,,0000,0000,0000,,to expecting prices go up in the future,
Dialogue: 0,0:06:15.12,0:06:17.86,Default,,0000,0000,0000,,then you're going to hoard your goods.
Dialogue: 0,0:06:17.86,0:06:18.87,Default,,0000,0000,0000,,You can't hoard grapes,
Dialogue: 0,0:06:18.87,0:06:20.31,Default,,0000,0000,0000,,because the grapes will just go bad.
Dialogue: 0,0:06:20.31,0:06:20.96,Default,,0000,0000,0000,,You might be able to,
Dialogue: 0,0:06:20.96,0:06:21.46,Default,,0000,0000,0000,,I don't know,
Dialogue: 0,0:06:21.46,0:06:22.58,Default,,0000,0000,0000,,turn them into wine or something.
Dialogue: 0,0:06:22.58,0:06:25.88,Default,,0000,0000,0000,,But if we're talking about something like oil,
Dialogue: 0,0:06:25.88,0:06:26.38,Default,,0000,0000,0000,,you would say,
Dialogue: 0,0:06:26.38,0:06:28.30,Default,,0000,0000,0000,,"Hey, why should I pump all of the fixed amount of oil
Dialogue: 0,0:06:28.32,0:06:30.03,Default,,0000,0000,0000,,in the ground today
Dialogue: 0,0:06:30.03,0:06:31.40,Default,,0000,0000,0000,,to sell it at today's lower prices.
Dialogue: 0,0:06:31.40,0:06:35.19,Default,,0000,0000,0000,,I'm going to lower the supply today
Dialogue: 0,0:06:35.19,0:06:37.04,Default,,0000,0000,0000,,so I can sell it in the future."
Dialogue: 0,0:06:37.04,0:06:39.55,Default,,0000,0000,0000,,So if the expected future prices
Dialogue: 0,0:06:39.55,0:06:43.34,Default,,0000,0000,0000,,go from "neutral" to...
Dialogue: 0,0:06:43.34,0:06:45.35,Default,,0000,0000,0000,,you expect future prices to go up dramatically,
Dialogue: 0,0:06:45.35,0:06:46.88,Default,,0000,0000,0000,,then current supply,
Dialogue: 0,0:06:46.88,0:06:48.04,Default,,0000,0000,0000,,-- and that's..
Dialogue: 0,0:06:48.04,0:06:49.32,Default,,0000,0000,0000,,. I'm just going to emphasize
Dialogue: 0,0:06:49.32,0:06:50.73,Default,,0000,0000,0000,,by writing the word "current" --
Dialogue: 0,0:06:50.73,0:06:53.44,Default,,0000,0000,0000,,current supply will go down
Dialogue: 0,0:06:53.44,0:06:53.94,Default,,0000,0000,0000,,so you can hoard it
Dialogue: 0,0:06:53.94,0:06:56.36,Default,,0000,0000,0000,,to sell it in the future.