Global Trade This Week – July 19th, 2022
What’s going on in Global Trade this Week? Today Doug Draper of ACME Distribution and Pete Mento of Mento LLC cover:
2:08 -Lekki Port: Getting Open & Operational
8:36 -The Curious Case of AB5
15:30 -Halftime
25:15 -Germany, Russia, and the Downstream Effects
29:45 -Is Manufacturing Coming Back to the US?
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Keenan Brugh 0:00
You're watching Global Trade This Week with Pete Mento and Doug Draper.
Doug Draper 0:09
Hello, listeners, welcome to a another edition of global trade this week we come at you from both coasts. I'm Doug Draper out in Denver, Colorado and my co host and partner in crime is Pete mento hanging out in the on the East Coast. Pete How you doing today?
Pete Mento 0:30
I am fantastic. Although Doug there's no coasts, Colorado dude.
Doug Draper 0:36
Like an inner mountain. How about this? I'm just trying to you know, separate. So how about the inner Mountain West?
Pete Mento 0:43
Okay. I mean, that's that's the only reason I'm not moving to Colorado is you guys don't have an ocean. If you had an ocean out. That would probably be where I would end up it is it is truly God's hand definitely blessed that place it is actually yeah.
Doug Draper 1:01
Thanks. Thanks for that the good thing it doesn't have oceans because people were actually full Colorado was full. We're not letting people move here anymore.
Pete Mento 1:10
Yeah, I noticed I didn't say Denver. I'm not moving to Denver. Yeah, I think I'm more of a Fort Collins kind of guy. I think that we're you know, or it's I don't know I'd have to spend more time there like maybe I'd be more of a you know, somewhere out middle of nowhere Colorado kind of guy you know, like to hunt and fish and I hate people. So that might be more my thing, buddy. But Colorado is full. Maybe you don't you drive into a state and you've got the Welcome to New Hampshire. Live Free or Die. Need to get a sign that says Welcome to Colorado. We're full. Now, for the number just visiting. Yeah,
Doug Draper 1:47
thanks. Keep keep on truckin buddy. Man anyway, let's get this show started. My man i intro so I like your topics today. So I actually have some good
Pete Mento 1:59
banter. Yeah, no. Oh, no, Doug is actually invested in jokes. Have you hired a writer yet? No. Okay. So my first topic this week is a little bit of a departure from what I've been talking about lately. And that is lucky port. So lucky port, not lucky, lucky port has opened. And it is one of the biggest promises that our friends in China made when they originally started the investment of the Belt and Road Initiative with our African neighbors. And the Lekki port was the first major quote unquote Megaport. That was going to be opened in Africa. And it is entirely I mean, entirely financed by China. It was built and designed by Chinese firms. It was built mostly by Chinese firms. It was built of material and high end engineering by Chinese firms. But the labor that built it was was African Nigerian, specifically, it was built for the exportation of raw materials, semi manufactured materials. And whatever will become of this coming revolution, we hope of the new African labor movement and the industrialization of Africa. A part of the world is rich with energy resources, and what is we're all hoping to be this new industrial revolution that we hope will happen in Africa. Remember that what makes China China is its labor. What makes China China is its logistical infrastructure. And the fact that the rest of the world wants to take advantage of low cost labor, and lots of green infrastructure and access to raw materials. Now, Africa is one of the last places in the world, we're still seeing a lot of people being born. The mean age of the people in Nigeria of working age that worked on lucky port was wait for it 1818. And the average woman that lives in Nigeria will have five children. Five, that's the average dog in her lifetime, as opposed the United States, which right now is actually creeping below one. So they're not going to have a problem with not being able to get people to, you know, to keep that place populated. Now, when you look at the pictures of the port, they've invested heavily in the kinds of cranes necessary for mega ships. And Nigeria being a nation of tremendous oil resources natural grassroots gas resources, and the resources for energy. I don't know Doc is this. Finally the was supposed to apply China for coming through on what they've been saying for a long time was the fulfillment of this massive promise to actually Do the right thing for Africa? Or is this just another indication of colonialism and them taking advantage of Africa because although they might have built it with African labor, this port is more or less financed Chinese banks is only going to have shiny ships calling on it. And correct me if I'm wrong, but it's pretty much only going to have sailings to China. So who is this really serving? Is it serving the people of Africa? Or is it serving the people of China?
Doug Draper 5:31
Yeah. So I'd have to go with the latter of that. And I guess I'll have two comments one, meaning it's talking to a friend probably a couple of years ago, Pete, I'm not even screwing around with this comment is all manufacturing chases labor, it went from China to other regions of the southeast. And where is the only part of the world that hasn't been tapped? that potentially has very inexpensive labor? Yes, you just talked about in Africa, right? So it's inevitable that it's going to go there. It's not coincidental that China is basically controlling the gateway with mega ports in into Africa. And the other thing that is his striking, and we've talked about it here is, once you step out of this beautiful port, I'm sure they got lattes, and all kinds of crap that you can hang, when you get out of the port, you know, look at the inland infrastructure, right, the roads rail, which is pretty much non existent. So I know this is for raw materials and things of that nature. But hey, part of me is like, Hey, I applaud the fact that they're recognizing this is the last bastion of chasing cheap labor. Pardon me, it's like their physician themselves, they have total control to access that cheap labor. And it sounds really good. But the infrastructure and the connectors that you and I have spoken about before just aren't there? So I think I don't know I could, I'm nervous, you know, you and I are going to start wearing garments that are that are sourced almost exclusively from from Africa, for so that's my take on it. The Chinese involvement gives me a little suspicion. It's not as connected as you think. Because once you step outside of the port, the infrastructure is not there. But maybe it'll be built. So anyway, it's a great topic.
Pete Mento 7:24
Yeah, well, wasn't all that long ago. Or was it in China, either buddy, and China, Africa, as long as it's cheap, I don't think Americans are gonna mind. And I, for one, don't have much of a problem with this. Finally, you know, financially supporting Africa, and giving them an opportunity to financially rise. My big fear is, you know, all these companies that that are financially stable now in America, the source all of their production in China, but the profit comes back to America, how much longer before the labor is all being sourced in Africa, for companies based in China, and the goods are all being bought in America. And really, now the profit for the financial opportunity is coming back to the United States. And I think that's where this could eventually go. If you don't want yourselves, no more innovation. No, no more commercial opportunity. It's really just another model of like I said, modern day colonialism. And it's scary.
Doug Draper 8:26
It's one to watch for sure. I think that's a topic we should revisit. Often, so. All right, bring it back home. I always say that, you know, The Curious Case of Benjamin Button was a movie. This is kind of The Curious Case of of AB five, which is the classification out of California Assembly, Bill five, everybody's probably heard about it. To some degree. It's basically California's work classification focused on the gig economy, but truckers and transportation kind of roll up into it. And California Trucking Association and others kind of pitched it to the ninth District Court of Appeals in California, to say, hey, this, you know, take a look at this thing. We're doesn't make sense, and they shut it down. So it's kind of back to where it was a couple of things. Number one, it's it's not going away in the sense that there's going to be more you know, appeals, petitions, things of that nature. So this whole conversation is not over by any stretch of the means, but the noise level is going to continue to increase because they're losing a little bit of ground. The funny thing to me is that a lot of the truckers which are primarily the ones that touch the ports and pop in the containers are mostly owner operators, and they don't want this from what I'm reading and what I'm hearing and looking at articles. They like the independence. You know, we talked about the great American cowboy of the of For years, the the open road trucker. And these guys come in and they can stake their claim and, and do some good things. So the funny thing is that a lot of these truckers from what I'm hearing, you can correct me if I'm wrong, are not in favor of this in the first place. So you have both sides, which don't seem to have interest in and moving this agenda forward. But yet, it's continued to be a hot topic. It's, it's interesting to me, the other piece is that shocker. It's right in the middle of our supply chain crisis. So I think the biggest noises come out of Oakland, right. And people are and companies are starting to divert ocean container traffic around to the Gulf and the East Coast, which we spoke about last week. So I don't know how much of a blip, it's going to mean to you and I as a consumer, and we're not going to get our Samsung refrigerator or our new clothes. But it's just more noise around supply chain logistics, it doesn't seem to have. It's just it's confusing to me, right? Also means it's going to be angry, people are going to have, you know, frustration. And there will be some more delays. I don't know if we're going to have a price increase per se. But it just doesn't make a lot of sense to me, we'll have to see how this thing progresses. It's not over by any stretch of the means. But it did get kind of slapped in the face a little bit with with that denial from the ninth district. I don't know what's your take on AV five,
Pete Mento 11:29
paying a lot of attention to this, both here. Surgery operations. But also, when I say we, I mean, just us as business, us as a trade. And you're right, the independent companies, independent operators really don't like this. And when I was reading about that, I thought about something that you've been dancing around and talking a lot about, and commenting on. Triggers are the last of the Cowboys, right? The the last of these guys and women and women who are independently operating on their own, out there run their own business, making their own decisions, put a lot on the line financially ready market, for a lot of these people. I can remember back in 2009 2008, it was still a business where they got very little respect. And they made huge investments in buying their own equipment. Sometimes it worked out, sometimes it didn't. And over the past couple of years, working independently was a pretty damn good move. And they're riding that wave of this economy, it's gonna sink, you know, maybe it won't end, who knows, but they got to make their own decisions. And it was a it was a business where you could have autonomy, to make a damn good living for yourself. And you could decide, taking my truck off the road for the next month or so I'm taking a vacation, I've made some great money. I'm taking it back. And I'm my own boss, it was one of these very rare cases where somebody could get a license work for someone else, save their money, start their own business and be very successful, and not have to answer to anybody. And it just feels like that's being taken away. And these independent operators now are being told by the government? Nope. You're gonna have to go work for somebody, or you're gonna have to go answer to someone. So you've got that side of that spectrum? And what I think is it being given enough attention is who is so when you're a truck driver, who is supporting this, Doug, you know, that that is teamsters union, the teamsters union has been in a full throated voice supporting this. And you might wonder why, well, why would the union support anything, because it's going to increase their roles. If you are being told that in order to work in this particular, you know, industry or this particular way, you're going to have to go work for a company. Well, if you work for a company, where it is the Teamsters, you know, where do they, they do their best when they convince more people working in large organizations to, you know, to, to work together to form unions, and to, you know, to leverage that in order to bargain as a group. So, of course, the teamsters union wants to have people working in that way because listen to collectively bargain, which helps to increase the rules. And right now, in 2022, what are we seeing across the country, across, you know, industries, we're seeing people move to unionize. So it just makes sense that they would they would support this, and I think that we haven't heard the last of this. We're gonna see more and more of this not just in California and other left leaning states, particularly poor states like New York, I think you're gonna see that happen places like Miami as well. And this isn't going to die quietly. This is going going to be something we're gonna have to deal with. I mean, how we're worried about a railroad strike tuple this is this is not going away quietly.
Doug Draper 15:07
Yeah, yeah. Well, there's our second topic that we should follow on a regular basis. We got to Africa, we got truck drivers. So
Pete Mento 15:16
I'm telling you, man, these are these are two big ones. And, and I think we both have been talking about this for a while. And it's starting to really sprout up and no doubt started sprout up in a very visible way.
Doug Draper 15:28
Yeah, so All right, halftime, I love it. As you know, halftime, brought to you by Kat logistics, we always ping Kenan, he's back there pushing the buttons and turning the levers and you and I wouldn't have this, this platform without those guys. So halftime, as always brought to you by by cab, app logistics. So I want to save yours, Pete, because I'm very interested about your topic. So I'm just going to take the mic and go from there. So I always like to think of something kind of funny and interesting that we pull out of the headlines. And there was one I was going to talk about, which was related to dental. And when I read it, Pete I misunderstood it, I thought you were going to eat a bunch of rocks, the equivalent of rocks, washed them around our teeth and spit them out. And that was going to floss and brush our teeth kind of being a disruptor in the dental community, but that I misread, it's just a fancy toothbrush. So I scratch that off my list. I thought about the heat in Europe, and global warming, and that's too political. So I killed that one. And then we had a mullet wearing golfer that won the British Open which is is comical because if there's ever one of the majors that probably a guy with a mullet would would be apropos it would be British Open, not. But I focused I scrap that one. I focus on a story right here in Colorado, I didn't even hear about which is absolutely amazing. We have a new winner of the peanut push up Pikes Peak. So he checked us out there's a guy in Colorado Springs actually Manitou Springs, which is kind of a hippie area down in the south west part of the springs could be a good place for you to move to. He lived, excuse me literally pushed a peanut with his nose up to the summit of Pikes Peak. So if you google this, you can see this guy, that contraption on his nose. It was a peanut pusher. And it was the first person that 21st century to make it happen. So if it's the first person in 21st century, that means this has happened again, and previously into the 20th century. So this guy did it in eight days. It puts this contraption on he pushed a peanut. Not even kidding me. This is so bizarre, at the top of Pikes Peak. And it was done in 1963. It took a guy eight days 1929 and took another individual 20 days. And I believe that this gentleman Bob Salem did it in six days. So the thing is, Pete, I knew about Sanlam in high school and the guy used to eat a lot of glue. But I'm not sure if this is the same same guy pushing peanut. Probably not it looks a little bit younger than I am but a freaking guy pushing a peanut up to the type of pot. You can't write this stuff. Any crazier than that. So anyway, that's my one. It's a peanut pusher that just set a record onto the top of Pikes Peak. I don't know what to say on that.
Unknown Speaker 18:34
Why, Doug?
Doug Draper 18:36
Exactly. That's exactly right. Or why not? I guess
Pete Mento 18:42
that's a lot of a lot of time to invest. He did he win like a lifetime supply of planters peanuts for doing this and it was just some kind of a reward for
Doug Draper 18:56
now it was during the 100 and 50th anniversary of the town of Manitou Springs. I'm sure he got an attaboy or something like that. But anyway, I would encourage our listeners to Google it. If you just type peanut pusher. It'll pop
Pete Mento 19:11
up. That's really unfortunate. See how I know that? And I'm gonna have to tell somebody. So I'm gonna waste someone else's life with that story. And I was like a virus man like we are we're all gonna go it now. Yes. Okay, so, biotech. So here's how I'm going to waste cap logistics money with this story. I oftentimes come up with what I think are brilliant ideas for businesses. So at one point, my friend Sean told his dad Bob and I came up with this idea when they closed all the jack in the boxes all over America. We wanted to combine the idea of a Jack in the Box with this new idea for Drive Thru funerals, where we're going to take all of the Close jacking the boxes and turn them in to drive through funeral services and call them either stiff in the box or caution box. So we're going to Yeah, we're going to put those two things together. Well, this is my new idea. Along those ideas. Also, I thought about also doing something along those same lines where we would do like a pizza delivery service in the marijuana delivery service. But that also didn't fly. But my newest one that the main, the male grooming space has gotten huge, right? You hear about the commercials all the time. And I don't think that they're marketing them, right. So the ones that get marketed right, have really slick online commercials on the web. Doug, you and I are perfect for this. Okay, here's, here's how it's gonna go. So you and I go into a bar together. It's like we come off with a sales call, you know, and, and I look at you and I say, are you ready? And you're like, Yeah, I'm ready. It's time to say who's gonna do it? You're like, Well, you got to do it. We walk over to the bar, and there's Keenan. Okay. And Keenan is at the bar and he's got on like his flannel shirt. He's got his giant mane all tie back and huge Sasquatch beard is and he's sitting at the bar, probably eating peanuts. You know, that's a callback, by the way you stricken was like $17 IPA beers that he drinks. And I sit down next to him. And I'm like, Hey, listen, Keenan. Doug and I have been talking and nobody wanted to say anything. But when you come back from these these walkabout you do you got quite an odor. And we're bros. Right? So no offense, but you stick. And that's when like the camera angle changes. And I pull out a bar of our new soap. No offense, but you sink. The revolutionary new body wash for men, right? But it's like a it's like a bar soap. And that's what it's called. No offense. But you stick and it's gonna come in three different scents right? The first scent will be work, weekend and date. So like work is like you know, every day you're like some kind of a like a work you smell I don't know, like some like non offensive sort of, you know, Guy smell for work. And then weekend will be something you know, like, playful. I don't know, juniper berries, and then like, like date night will be something coloni goal ideas. You know, that's how guys talk to each other. So keep bro, you sick. I'm not saying he doesn't smell great. He does. He puts a lot of time and effort into his grooming thing. So everybody out there. It's not what I'm just saying for like the purposes of my commercial that I'm just spitballing here. It could have been me. It could be Keenan and Doug, but he doesn't have the microphone right now. And they come talk to me. I'm just saying, for the purposes of my whiteboard discussion, will you skin it. Now the next one we'll do is like no offense, but your breath snakes. And we'll have like, you know, a mouthwash, maybe some toothpaste. I've got all kinds of ideas here. But the whole point is, we're going to we're going to switch the game by going right at them with an opportunity to have a conversation about their their, you know, their status situation. And so go offense is going to be the name of the company. No offense, but no offense, but we gotta do something about those fingernails. No offense. But you got dandruff no offense, and I'm thinking it's a conversation starter. It's an opening for a better you really think
Doug Draper 23:51
I like it, you know, it's just, it's forward guys don't need a lot of fluff, you know, and the packaging is what I'm going to be interested in. Just like the newspaper or just you know, the packaging is very basic. It's just wrapped up with duct tape or something and you just kind of throw it to the guy. Hey, no fancy kind of smell. He just chuck it looks like a brick of duct tape.
Pete Mento 24:18
Yeah, it's like a guy, you know, it's like, oh, man, really? Thanks. You know, and he goes to take a shower. And then like, you come back the next day, and he's looking all sparkling clean. Everything's better. And he's like, wow, you know, I scoped out all your work. Apparently that was the problem. I smelled like a musk ox, that everything's good now. You know, my wife came back. Yeah, I don't sit alone in the bus anymore. I think it's a brilliant. Yeah.
Doug Draper 24:43
Yeah, yeah, no offense, but that means you're gonna offend somebody, but men will take offense to it, which is the genius of the marketing.
Pete Mento 24:51
Yeah, it's gonna be in every Christmas stocking. It's gonna be in every Christmas. No, look, no offense, but you stink Savonarola. I would buy for all my friends.
Doug Draper 25:02
I would. Yeah. Yeah. So cool. All right. Sweet. Also get this thing back. All right, let's pivot back to the second half. Let's do out.
Pete Mento 25:15
All right. So I have become a very concerned trade nerd about what's going on with the ratcheting back of the the gas pipeline, between Russia and Germany with Nord Stream. So right now you've got between 30 and 40% of the volume that's going to Germany, and the German chancellor has been extremely honest with his people saying we could be in for pretty cold winter, we're going to have to see what we get from our friends, air quotes in Russia, but it could be a winter of our discontent, where it can be turned off for good. This could be what we see, going forward. This could be the amount of energy that we see from from Russia for some time, this could be their way of trying to break us. And you know, that being the case, you're talking about the largest economy in Europe, you're talking about one of the most important industrial economies in the world. And their dependency on foreign energy is something that they've been worried about something that they've been, you know, certainly been given plenty of chastising about by foreign countries. But it is what it is. And there's certainly help coming in the form of the Netherlands and what they're doing to try to help by the United States as well, other countries, but there's only so much that can be done in the intro on the short term. And we'll see what can happen. But from a global relations standpoint, Germany could decide to back off and their support of what's going on in the Ukraine. So good, the rest of Europe, Italy, other other parts of of Europe as well are gonna be in a similar situation. And it can mean a lot. What's happening around the world, this could also have devastating effects on the European economy as a whole. And as the world begins to suffer economically, as it has effects on unemployment, as it has effects on the broader growth of the global economy. That type of suffering could lead people to begin to wonder why we are supporting, you know, the push back against Mr. Putin, and what's happening there. And it could have brought stretching, far reaching effects on how geopolitics are happening everywhere they dug. I don't think enough people are talking about it. Because it's one thing, when we're all spending a little extra to put gas in our cars, it's another one, you know, we're all going to be a little bit colder, and paying three times our energy bill, to keep our houses warm, and whole country and this country. So I think I think this is starting to get a little more than uncomfortable. I think it's it's actually beginning to make people question exactly what's happening. And I make no, no distinction, one side or the other. I make no political commentary on one side or the other. I'm just trying to say, this sort of become?
Doug Draper 28:05
Yeah. Well, I know they had a scheduled maintenance that happens every year, to take that line down. You spoke about it last last week. I don't know if that's come back on yet, or it's about to come on. But it always fires back up towards the end of July. So we'll see my take on that feed, as it'll turn on just a little bit, just enough, right. And then that the flow the on the off the little the fool will maintain control, Russia will maintain control. So I don't think it's going to be turned off immediately. Maybe ever, but it's just going to be a trickle and Russia can control how much moves through. And the other thing that I was thinking about on this one, Pete is it's kind of like water rights in the United States where the water enters and where in origin is has the control. So the fact that you mentioned Germany's the largest consumer, the largest population, the largest economy, the fact that it's entering through them, they're going to do what they can to make sure their their economy, their people, and their population is taken care of first. So the dissemination to the other European countries, I think they're going to be impacted maybe even more than in Germany, but the water rights analogy kind of came to came to thought whenever you put that topic out there, but yeah, I think let's take a peek at this thing early August and see what's going to transpire. It's hard to imagine people are going to be cold out there with the crazy heat going on in Europe, but it'll be an interesting one to follow. For sure.
Pete Mento 29:39
time marches on, buddy. It's gonna be some scary days. Yeah,
Doug Draper 29:44
yeah. Well, I'll wind us up with with my last one here. And it's related to nearshoring and kind of the hype that had transpired over the last couple of years with COVID in the sense that, hey, COVID is going to be a catalyst. Let's Look at some bright sides of the, of the pandemic and that things are going to come back to the US and manufacturing is going to come back here and, and we saw some, some, some light to that idea, one of which was peloton, this one came to light, they had talked about opening up a new plant in Ohio, like a 2 million $200 million plant bringing everything back, we're gonna make it local. That way our people can have our bikes and ride. And hey, look at us, we're taking advantage of the pivot shift of the economy. And just the other day, they pretty much scrapped that whole plan. They basically said, We're shutting it down. And we're going to fully outsource every bit of our manufacturing to a Taiwanese based company. And we're going to flip the script and we're going to really generate revenue on a subscription based service like Netflix or things of that nature. That's where the new CEO of peloton came from, from that subscription based model. So my my, my whole point in here is that it's almost the Jerry Maguire effect, right? And I say that to say, show me the money when push comes to shove, and you can manage or deal with, or have your consumer understand that delays was something you're gonna put it back overseas, that's just the way it is. Right? Yeah, there'll be some higher end products that may land on a nearshoring reshoring opportunity. But peloton is stuck out at me I have nothing against peloton I don't have one I don't people that do, it was just striking example, the fact that, hey, we're going to re embrace the nearshoring. And we're going to invest this tremendous amount of money into US manufacturing, it flip the leadership and the whole thing goes away. And it's outsourcing 100% into the region and the supply chain that's creating lots of issues. So my whole point is that people are going to chase the money. And if they can make more money on subscription based service and kick everything back over into Taiwan, people are going to do it. So I think the height of nearshoring and reshoring is not going to be as much as it once discussed. Right during and right after the COVID pandemic. So anyway, what's your take?
Pete Mento 32:22
My take is that people, you know, when you're running a business, particularly one that's public, there's nothing that you can do when it comes down to your shareholders and their expectations. And your shareholders expectations are what you live and die by. And your board's expectations are driven by your shareholders. So when the warm touchy feely that have you ever been excited about this stuff coming back begins to fade away, you've got some hard decisions to make. And it's very difficult for you to look all those people in the eye and say, Well, we're doing the right thing for everyone. Are you really doing it for everyone? When really, it's the shareholders that you run this business for? So and your subscribers, if you can't stay in business, you can't you can't have those great classes for your subscribers. So, like you said, running a business in the end is about running that business. And they've put themselves in that situation. Nobody likes to see that kind of stuff, you know, and it's it's sort of a cold blooded way to look at it. But we're old enough. We've seen enough. If you're cynical a long time ago, man, like the bright shiny part of me is the pennies gone away. I've got this ugly green patina all over me. Unfortunately. You know, I've been ruined by time, but that's just how it is. The world's not nearly as wonderful as we like, thank. Yeah, it was that nice down moments.
Doug Draper 33:53
I was gonna say, that's, we're wagon up on one hell of a note.
Pete Mento 33:57
Yeah, yet again, vomited all over your happiness and joy is Dr. Doom here on global trade this week, brought to you by CAP logistics, who keeps the lights on and all of this running for you? It allows us to borrow the talents at Kenan and his beautiful beard, which again, does not smell bad unionism. Wonderful. We, we can't do it without them without you or listeners who let everyone know and watchers viewers, let us know that we're here. Please do tell everyone you can. Please subscribe and keep watching and listening. Thank you, dog for always showing up every week. And thanks again to all of you. We'll be back again next week with another great edition of global trade this week. Stay safe out there.
Doug Draper 34:43
All right. Thanks. Thanks, everybody.