for film distribution, this is the mid-sixties, when glodkov generally starts working, he makes a small revolution together with his directors, because when work begins on musical films, fairy tales, they understand that on television they show fragments from cartoons, but the cartoons are not yet shown in their entirety , it is necessary to make such fragments that were shown on television, they are essentially music videos, as everyone would say. well, in general, i want to say that soviet animation was very unlucky with distribution, as they would say today, because there were quite a few opportunities in cinemas to show it on the big screen, so as if all this phenomenon of the popularity of these very favorite domestic films, both cheburashka and the bremen town musicians, it rather still comes a little in hindsight, when the tv hit the every home, i have a question, but you saw all this on tv, probably in black and white, if you are a child.

student time, maybe these were fragments, but i watched a full-fledged cartoon, it seems to me, somewhere at the end already in the nineties, it seems to me, since my first trip to the cinema was actually in the nineties, and i’ll tell you now, in the ninety- second year, no, in the ninety-four year, i went to terminator 2, i also went to terminator 2, and that was not a movie.

chairs, in my opinion, then they also showed the bremen town musicians, that is, we, for example, walked in the park, there is a stand in the park, well, like a stand, it’s simple, it’s just cardboard on which paper is stuck, written on this paper with a felt-tip pen, time and the film is an arrow, which means pointing to the door.

because it is filled with such beer-loving goodness, in fact, it is so sincerely filled with it that when watching this cartoon, you are filled with it, it’s like imagining something happened to you, you are walking along the corridor and jumping, that’s what happened to me , so i turn on music regularly.

here’s a hot one, we’re not afraid of the tenderness of calves, and with the light they show me a three-minute performance with a song and dance, that is, at the moment when i was making... the film they were doing their creativity, and this is a whole a dance, a whole performance, that means my two daughters, one six, the other 10, their neighbor, who is 9 years old, the three of them made me laugh a lot, let's watch the most famous song in the world above, we will not forget our calling, we bring laughter and joy creators are tempting for us people. slod will never replace freedom, will never replace freedom, amazing music, words are always relevant,

in general this is an amazing symphony of cinematic efforts, because here there are not only the efforts of the director of this film... only thanks to his persistent character vasily livanov, frankly, everyone knows about his explosive temperament, probably, maybe you also had the opportunity to communicate with him, just while working on his film, and he insisted that the music be written by gennady kladkukov and the first works, and then they , in fact, they decided to make a musical

film for real, and the bremen town musicians became such a breakthrough. we remind you that the podcast of lisenstein's witnesses is on the air, which... hey, what, what, what's here, nothing, we're flying, listen, you forgot the jam, no, i took it, i took it, i took, listen, candy, you left it, hello,

belly, don’t put pressure on your neck, don’t put pressure on your neck. glazkov is already starting out as such a fabulous composer, he works in the theater, he also writes such light music, yes, but you need to remember that this is the sixties thaw, that ’s all it is, but entin is not here yet, there is no text here yet, here there is no this here, how could we hum a melody from a gentleman there.

they think so, well, that means there shouldn’t be any text, everything should be clear from the plot from the songs, that’s why the songs they are plot-based, so there is a very simple plot, yes, to put songs on them, and then all this is developed, and the main thing is that they need a plot that the audience already knows, so they took temporary musicians, because there are musicians , but there is practically nothing else there, there are also robbers there, which means animal musicians and robbers, what will we do next, well , let’s come up with a musician leader for them, a young man, he’s also a troubadour, if there is a troubadour, then there must be a princess, if there must be princess, then there must be a king, if

there must be robbers, then there must be a leader of the robbers, and why not a leader of the robbers, the atamansha appears, and so it turns out, it seems incredible... simple, but then, when enten comes, when glodkov writes this, when they put it all together, it’s just amazing, something. there is nothing better in the world than wandering around the world with friends, those who are friends are not afraid of worries, any roads are dear to us, any are dear to us, if you listen to the words, the song of friends, it’s all about connection, those who are those who are friends are not afraid of anxiety, people who ...

for me the song of friends, it is also one of the most significant for me, well, it just resonates the most, probably we sing it most vividly, but here’s what entin was not in carlson, this can actually be heard in the words, because if we just analyze the words of the bremen musicians, then they are incredibly... accurate in their performance, in their

essence, very simple, very understandable and very to the point , there is something divine in this for me, for me personally, because such works, they remain forever only if there is something truly divine in them, temporary musicians are the same thing... i understand correctly that you managed to personally communicate with gennady glodkov, how this meeting took place, how did this work go? an interesting point is that we didn’t actually communicate with him, but we, together with the composer maxim fodeev , were passionately burning with this desire, uh, we really wanted to meet and get his permission, blessing, of course, but for the period when we were preparing for filming , he fell ill, our communication took place in writing.

goes extremely rarely, we go, well, or we used to go to western cartoons, we saw, well

, it’s like a dubbing in essence, we saw something that is not unrelated to our country, but i wanted to make sure that we saw our russians people, our russian language, our favorite russian songs, our deepest values ​​and we were able... to talk about these values ​​with children, you are understandable, a lover of music, singing, there may even be some parodies, but for you in your career this a little bit of a departure from what we're aiming for we are used to it, because before you had purely musical films, on the one hand, there were no purely family films, to search, that is, i am a seeker, in fact, i am a researcher, and i really like to study something new for myself, if i ... i felt that here, now, here i’m interested,

in this particular zone, in this particular genre, mm, in this feeling with the children i feel good, i understand that there is a lot of energy there now, inside me there is a lot of energy, it must be transformed into something, and that something is a new film, as a rule, new films, but what is it by genre, well, that is, we understand that it is a musical, but this is, if we talk purely about genres. was this your first story in this genre? this, in my opinion , is a combined genre, i am working in this combined genre for the first time, for me it is a musical, and adventure, and comedy, because there is a lot of funny stuff, and drama in a sense, because there are places where , it seems to me, are very touching and they

bring tears, this fabric, which is created from absolutely. sensations, that is, i understand what kind of fabric it is. i also wanted to say that the bremenskys already have this multi-genre feature, even in the music of gennady glodkov himself. and it was deliberately laid down, that is, there is, well , such a via, a vocal-instrumental ensemble, yes, a song, there is nothing better in the world, there is, as they called it, a little bit of a criminal song of robbers,

there is a bassanova, which is instrumental, which is... and the night will pass by, the clearest dream of happiness awaits you and me, the night will pass, the time will pass, the unbearable sun will rise, the sun

will rise. all the songs lead to the light, amazingly simple, but this, this is not a continuation, this is in the footsteps of this continuation, yes, firstly, i wanted to mention another important person, without whom this cartoon would not have existed, this is oleg onofriev , who sings for almost everyone, but it’s amazing, then of course, gennady glatkov himself sings along in songs about security, there is security, he’s tinorochka there, because the vocal instrumental ensemble didn’t come for the recording, even think about it.

if he really says something important that was hidden in his heart, then everything has already been said, and why continue? we remind you that there is a podcast of witnesses from einstein on the air, which i, stanislav didinsky and natalya ryabchikova are seeing, and today our guest is the screenwriter director, alexey, we need. you had rooster in your filmography, tell us about this quarter-meter. i think it’s 2015, i meet a very interesting person , an amazing wonderful author, nikolai kulikov, i already had an idea then, to make a film, i’m losing weight, because i lost 28 kg, and for me this was a significant step in

my life, i and i came to nikolai and said: “if i want to make this film,” he says: he says, and i i also lost 20 kg, i’m also interested in this, i say, that means we must do something valuable, he says, but let’s make a small one before making a big film, i say, great, do you have any ideas, maybe we’ll make a short film, i say, yes, go ahead, i have this idea, one of mine comrade, artyom tsarigorodtsev, my friend and fellow countryman, he, mm, once told me this idea, he says, i want to do something like this... like a sketch, essentially, where a husband dies and a woman ends up with a rooster in the house, just the rooster flies, so she lives with him, it might be funny, and i call artyom. i say: artyom, i want to make a short film, can i use your idea, let ’s write it together, you want to write something, he says: i really want to, i say, let’s write it together, there’s kolya, there’s you, there’s me ,

we’ll do something together, we’ll connect second, and we connected, wrote, i thought, who would i like to make this short film with, mm, at that time i really liked it now i really like it, but then it was less... who it was interesting, kirillo lyokhin, the producer, and kirillo lyokhin said, i’ll find the money, i want to make a film with you guys, and he found the money, and

we shot a short film for five, i think, shooting days, and the goal was essentially completed, we have cemented our relationship with a wonderful person, nikolai kulikov, with whom they later made a film, i’m losing weight, that was the story, let’s see. excerpt from the film rooster.

listen, well , directors usually tell everything, how difficult it is to work with dogs, cats, roosters, what’s it like? for me , working as a director is not difficult, that is, i do this job with great pleasure, i do it from the heart... for me , it seems like it’s just pleasure, complex actors, of course, well, we just put it into the frame , as it will be, so it will be, there is no, there was no training in this special, the rooster was played by the same actor or they were different, there was always one bird, we didn’t have the money to have takes, well, you say that short films by the producer are not very interesting and what to do with them later, but there are festivals, yes, that is, we are talking about cinema, which...

they are looking for specialists, or they write about this material because it is their job, but a festival is, this is probably not very good for a producer, because a festival actually gives the producer, well, an award, a diploma, or if you're lucky, there might be some kind of financial reward for a future film. here, uh - it seems to me that - if we speak

in terms of festival categories, then this is always a very fertile territory for a director, because a director’s career can probably develop, and if it develops along this path, then that’s wonderful, well as for your festival career, how do you feel about it? from the very beginning - i made an internal decision not to think at all about whether i want to go to the festival or whether this festival is needed or whether i want to promote it like that your career. i want to talk to the viewer as broadly as possible. i really want the audience to be happy. as often as possible, i want my films to be shown on television, i want them to be shown there on platforms, on the internet, there are... as

many of them as possible, because after all, i, well, set myself the task of creating phenomena, great phenomena, and i like it when these phenomena, through a theatrical screening, can somehow excite the audience’s hearts, if they are filled aesthetically, if they are filled with content, these phenomena, which means the task is completed, people are uniting so that the children of the future can rewrite the music from your films, your films, in the same way as when you were a child you copied the music of gennady glodkov from one cassette to another and also using improvised means like a pencil , wait a minute, the cassette is a priority, this is an excellent image that you can strive for in new technological conditions,

yes, you know, there is such a rebus. today i was filming a rooster, i would take it for myself too, since i live in a house and i have somewhere keeping this pet, today working in cinema is more difficult than 10 years ago, when you were just becoming a professional, and that is, in many ways, your creative career had not yet been fully defined and you did not know anything about the bremen musicians that you would have to work on such a film or 20-30 years ago, today you, as a director , had to pull yourself up or the producers there

, maybe you care and how much the film will earn in general, we never even touch on this topic, because for us the most important point is to shoot quality cinema, and it seems to me that it is much more valuable if the film remains there for decades in the hearts and minds of people, as suppose, i am very proud of the film fire, it is shown

on february 23, it is shown every year. and i understand that it is important specifically on this day, that is, this film became a landmark event on this very day, and of course, i have a dream, i really want some film that we created with our team to become phenomenon on december 31, at 8:00 pm, so that russians sit on the sofa, turn on and watch and sang songs, suppose you want to please people in this way so that we unite and not separate. and this was a podcast of witnesses from einstein, where we, film historians natalya ryabchikova and stanislav didinsky , talk about forgotten, cult, little-known works of russian cinema and its heroes. to make it more interesting for you to watch them,

the director was our guest today. screenwriter, alexey is necessary, thank you guys, thank you, thank you, this is the easy money podcast, me and its host mikhail khanov, today we are looking at bonds, what they are, how to choose them, how they work, when to buy, when to 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 are all those who this is not the first day that he has been working in the stock markets,

they call it smart money. that is , investing in bonds, unlike deposits and especially buying or selling shares, has always been called smart or hard money, we have mikhail, a difficult task today, let's start with. what is a bond? a bond is a security, correctly, if we speak in the necessary terms, yes, it is equity securities, and if we simply say it, it is a promissory note, well, if we really simplify it, yes, if we really simplify it, it really is a debt receipt that the issuer, and this receipt, issues, the word issuer is the one who issues, and once again for our audience i will say that, in principle, when you borrow money from a neighbor and write a receipt, this is also a bond, and the issuers, that is... you yourself are the issuer of this receipt, and accordingly, you bear all responsibility and all the risks for the fact that you fulfill or fail to fulfill the obligations under this receipt , respectively, the issuers or issuers of bonds can be who,

maybe the state, and companies, well, yes, private or also state-owned, what are gangs, actually the question is, well, it’s just english literature, in english the word bond. it is a bond that is used, that is, it’s not simple, it’s not it’s not a company’s bonds, that is , government bonds can also be called bonds, that’s absolutely right, great, what is the abbreviation ofz, which often sounds like that, and the abbreviation ofz is federal bonds loan, it is the state that issues these bonds, in our case it is the ministry finance, such bonds exist in any country, here we have federal loan bonds, in the united states these are treasuries, but these are themselves... reliable securities within any country, the main thing is that they are imitated in the currency in which they were issued, issued , absolutely right, that is, in fact, we lend to the state, absolutely right, if we say, what are the terms, how long can you lend to the state, oh, the state

likes to borrow in different ways, and construction projects are really very large, he begins from year, by the way, just recently, yes , ours, well, in general, there are also two-three-month bonds, but recently such bonds up to a year began to appear, but that’s it. but in principle, bonds can be for 10, 20, 30 years; no one except the state usually borrows for such periods. let's get straight to the point, what is the yield on thirty-year bonds now, let's say we lent the state for 30 years, how does it all look technically, let's look at it step by step, we have documented that we have figured it out, that bonds are actually a promissory note, in this case this term is applicable either to the state or to...

it is enough to open a brokerage account in any company that you like to submit an application through a broker to purchase these securities, for this you do not need, just like any others for this, if we are talking about federal loan bonds, no qualification is required, qualification is a certain requirement for the investor, but what can he buy or not, even the most ordinary person, yes, anyone can easily open an account buy bonds without any restrictions only through a broker, as everything is by law, any transactions on the stock markets go through a broker, but if we... we are talking about there was such a story about people's bonds, those bonds were distributed not through brokers, but through banks, but this there 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, such experiments were not carried out anymore , they have not been done anymore, and why, by the way, is difficult choose are banks partners or what? i think that probably two things played a role, that is, it still seems to me that it did not become very popular. it worked for them, yeah, that is, they can still be traded, but now we ’ll talk about this topic separately. so, through a broker, i choose for myself what is acceptable, profitability, reliability, what, because in any case it 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 simply talking about bonds of a purely federal loan, then from the point of view reliability, they are all the same, that they will be short, that they will be long and so on, but in this case a person really has a choice of two... long-term yield 13%, 13 there, well 13, 13,14,

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, i’ll explain for our audience where it came from, that is, in the nineties, when these were securities or vouchers, then there really was such a coupon, you know like a ticket in a cinema - sometimes even with a perforated edge that came off and meant that the coupon had been redeemed. since then, this annual or semi-annual payment is called a coupon, naturally, what alexey said, when the payment is made twice, this does not mean that you are paid 13% twice a year, you are simply paid half of this amount, that is respectively 6.5% in the first half of the year, 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 and yield, that when the deadline comes end of borrowing then you get

your full amount back, i understand correctly, that is, let’s say, we bought a three-year bond from us today, now we ’ll figure out what we bought, and once, let’s say, for simplicity, let’s 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 13%, the entire amount that we invested in this paper, let’s say. we bought it for a million, that is, we loaned the state a million for 3 years, it paid us 130,000, once twice, three times and in the end the third year i returned a million. now we move on to a very interesting part, as i say of the marlezon ballet, called bond trading, here i will make such a small explanation or you will do about liquidity, why is all this done, why didn’t i just buy it with bonds, but how you said they also...

meant that we bought the bonds at the placement stage, naturally. just when trading is going on, the price of bonds can

change, yes, it can change both up and down, this first of all, it depends on the monetary policy pursued by the central bank, that is, in a different way, we all focus on the key rate, the key rate greatly affects, first of all, short-term bonds, which are from one to three years, and longer bonds, yes, they depend on the expectations of market participants regarding long-term inflation, most market participants look at what inflation will be, they calculate it in different ways, models. there is such an index of government bonds , but it can be used for short bond positions, a short position is when you go short on a short market, yes or ours?

how much it depends on the length of these bonds, here is a three-year bond of 1 million, these are the values ​​to which it can fall if the rates change by about one percentage point, that is, for example, there was a rate of 15%, but it remains 16, then we can expect, that bonds will fall by 2%, why there is such a concept, it’s not very clear to everyone, it’s called

duration in bonds, it’s a special thing to understand, but with the help of this indicator you can estimate how much the bond price will change if it changes. interest rates on the market, well, by the time of maturity, i understand correctly that, in principle, if you close your eyes, squeeze, i don’t know, all the parts of your body and just sit until the end of the term, as long as i have issued this bond, then all these fluctuations will make me i don’t care much about the market, in any case , the government will repay the nominal value that is written in the bond, this plus my interest coupon income, that is, everything that we are talking about is applicable. for those who what is really important is liquidity, who at any moment wants and perhaps must be sure that he can sell it or realize it and get money, then this instrument really is, well, after all, fluctuations happen so that let’s say i urgently need money , but something happened, and how much is the minimum there, about how much for

900,000 i can sell it, that is, having lost 10%, for example, of course, well, what were the minimum drops in the next few years? well, naturally, for repayment, because the state is fully paying off, there was no such, there was no default, yes, the state fully paid off its obligations, that is, they also received a coupon income, this risk premium of 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, just to get not only a coupon, but also to get the delta between the purchase price and the par value. why not in

stocks, alexey, because stocks at this moment too fall. why are bonds called market fundamentals and smart money? because . the debt market to a large extent determines the value of the capital market. the debt market is just a bond market. gangs, as we say. everything in the world of investment is interconnected: interest rates set by the central bank, inflation expected by market participants, bond yields, which should be, if we are talking about government bonds, close to inflation, and thirdly, the cost of share capital also depends on these very parameters, which is most interesting, this is not enough, as people understand. but this is really true, yes, and, knowing what the yield of government bonds is, knowing what risks you bear in stocks, you can calculate what the yield should be in stocks, yes, it is precisely because of this that stocks are more volatile, well then they fluctuate more strongly than bonds, that is, you can earn more on stocks, but you can lose, but here it’s probably appropriate to say that the so-called fixed

income or in english fixed, it applies specifically to bonds or to gangs or to treasuries, as they are... absolutely true, and there is very much like that, but if you don’t speculate with them, that is, if you don’t play games, buy cheaper, sell them at a higher price, if you really bought them, they are in your portfolio, then this is the same fixed income, fixtincom, because you receive an a-coupon, and the state is responsible to you for paying the full face value of this debt paper at the end its validity period, because in shares no one has such responsibility to you. shares are not debts, after all, we started with the fact that a bond is a debt, and any debt is repaid, yes, in the nominal value with which it should be repaid, yes, well, with the level of risk that you are ready to identify this issuer, but in principle, you and i know that government debts are the same basic level, yes, well, it’s clear how...